Columbia Banking System (NASDAQ:COLB) Stock Price Target Cut by TD Cowen

Columbia Banking System (NASDAQ:COLB) had its target price cut by analysts at TD Cowen from $34.00 to $32.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 10.76% from the stock’s previous close.

A number of other equities research analysts have also issued reports on COLB. Keefe, Bruyette & Woods raised their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Stephens upped their price objective on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Zacks Research upgraded Columbia Banking System from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Royal Bank Of Canada lifted their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Finally, Citigroup lowered their target price on shares of Columbia Banking System from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, September 22nd. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and a consensus target price of $33.58.

Columbia Banking System Trading Up 0.2%

Shares of NASDAQ:COLB opened at $28.89 on Monday. Columbia Banking System has a 12 month low of $23.83 and a 12 month high of $33.67. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 2.86 and a beta of 0.66. The firm’s 50-day moving average is $30.40 and its 200 day moving average is $30.12.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same quarter last year, the firm earned $0.76 earnings per share. As a group, equities analysts forecast that Columbia Banking System will post 3.03 EPS for the current fiscal year.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently added to or reduced their stakes in COLB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Columbia Banking System during the 2nd quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Columbia Banking System in the 2nd quarter worth approximately $31,000. Cedar Mountain Advisors LLC boosted its stake in shares of Columbia Banking System by 571.7% during the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 949 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in shares of Columbia Banking System during the fourth quarter valued at approximately $43,000. Finally, MBM Wealth Consultants LLC purchased a new position in Columbia Banking System during the first quarter valued at approximately $49,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

Columbia Banking System, Inc (NASDAQ: COLB) is a bank holding company headquartered in Tacoma, Washington. Through its subsidiary, Umpqua Bank, the company provides a range of banking and financial services to individuals, families, businesses and institutions.

Umpqua Bank’s offerings include deposit accounts, consumer and commercial lending, real estate finance, treasury management, cash management, investment services and other business banking solutions. The bank serves small and middle-market companies as well as retail customers through branches, digital banking platforms and relationship-based financial services.

Columbia Banking System traces its history to the formation of Columbia Bank in Washington in 1993.