Columbia Banking System (NASDAQ:COLB) Price Target Cut to $31.00 by Analysts at Citigroup

Columbia Banking System (NASDAQ:COLB) had its price objective cut by equities researchers at Citigroup from $32.00 to $31.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price target points to a potential upside of 3.68% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. DA Davidson raised shares of Columbia Banking System from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $36.00 in a report on Tuesday, September 1st. Weiss Ratings lowered shares of Columbia Banking System from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. Barclays reduced their price objective on Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Monday, August 3rd. Royal Bank Of Canada upped their price objective on Columbia Banking System from $34.00 to $35.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $33.75.

Columbia Banking System Stock Performance

COLB stock opened at $29.90 on Tuesday. Columbia Banking System has a fifty-two week low of $23.83 and a fifty-two week high of $33.67. The company’s 50 day moving average price is $31.14 and its 200 day moving average price is $29.96. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 2.96 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The company had revenue of $677.00 million for the quarter, compared to analysts’ expectations of $687.40 million. During the same period last year, the firm earned $0.76 earnings per share. Equities analysts forecast that Columbia Banking System will post 3.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Columbia Banking System in the 2nd quarter worth $880,443,000. Bank of New York Mellon Corp bought a new stake in Columbia Banking System during the second quarter worth approximately $120,867,000. Norges Bank acquired a new position in Columbia Banking System in the fourth quarter worth approximately $103,012,000. The Manufacturers Life Insurance Company bought a new position in shares of Columbia Banking System in the second quarter valued at $68,906,000. Finally, Pzena Investment Management LLC acquired a new stake in shares of Columbia Banking System during the second quarter worth $68,245,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a regional bank holding company headquartered in Tacoma, Washington. Through its principal subsidiary, Columbia Bank, the company provides banking and financial services to individuals, families, businesses, professionals and public-sector organizations.

Its products and services include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, lines of credit, treasury management, wealth management, mortgage services and digital banking.