Columbia Banking System (NASDAQ:COLB) Price Target Raised to $26.00

Columbia Banking System (NASDAQ:COLB) had its price objective hoisted by research analysts at Royal Bank of Canada from $21.00 to $26.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 7.48% from the stock’s previous close.

Several other research firms also recently commented on COLB. Wedbush reissued a “neutral” rating and issued a $20.00 target price on shares of Columbia Banking System in a report on Friday, April 26th. Wells Fargo & Company upped their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday. Twelve investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.27.

Columbia Banking System Price Performance

COLB opened at $24.19 on Friday. The firm has a market cap of $5.06 billion, a P/E ratio of 10.38 and a beta of 0.66. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.11. The company has a 50 day simple moving average of $20.01 and a two-hundred day simple moving average of $19.87.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business had revenue of $472.15 million during the quarter, compared to analyst estimates of $476.01 million. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. Equities analysts anticipate that Columbia Banking System will post 2.44 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of COLB. Norges Bank bought a new position in shares of Columbia Banking System during the fourth quarter valued at approximately $63,152,000. Public Employees Retirement Association of Colorado grew its stake in shares of Columbia Banking System by 3,245.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after buying an additional 838,762 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Columbia Banking System by 21.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after buying an additional 788,383 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Columbia Banking System by 9.9% during the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock valued at $207,809,000 after buying an additional 700,643 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Columbia Banking System by 16.2% in the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after purchasing an additional 637,212 shares during the period. Institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.