Columbia Banking System (NASDAQ:COLB) Price Target Cut to $28.00 by Analysts at Truist Financial

Columbia Banking System (NASDAQ:COLB) had its target price cut by equities researchers at Truist Financial from $29.00 to $28.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 8.53% from the stock’s previous close.

Several other brokerages have also issued reports on COLB. Royal Bank of Canada lifted their price target on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Wells Fargo & Company lifted their price target on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Stephens boosted their target price on Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Wedbush boosted their target price on Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $24.96.

Columbia Banking System Stock Down 1.8 %

Columbia Banking System stock opened at $25.80 on Friday. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11. The business has a 50-day simple moving average of $24.25 and a 200 day simple moving average of $20.90. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of 11.07 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm had revenue of $472.15 million during the quarter, compared to analyst estimates of $476.01 million. During the same quarter in the previous year, the company posted $0.81 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. On average, research analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Picton Mahoney Asset Management bought a new position in Columbia Banking System during the 2nd quarter valued at approximately $33,000. Abich Financial Wealth Management LLC grew its holdings in shares of Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares during the period. GAMMA Investing LLC grew its holdings in shares of Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC grew its holdings in shares of Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 4,115 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.