Barclays Boosts Columbia Banking System (NASDAQ:COLB) Price Target to $24.00

Columbia Banking System (NASDAQ:COLB) had its price target raised by equities researchers at Barclays from $21.00 to $24.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential downside of 0.79% from the company’s current price.

Several other analysts have also recently issued reports on COLB. Royal Bank of Canada cut their price objective on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Wells Fargo & Company lowered their target price on Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 10th. Wedbush restated a “neutral” rating and issued a $20.00 target price on shares of Columbia Banking System in a research report on Friday, April 26th. Finally, Truist Financial lowered their target price on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Twelve investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $22.58.

Columbia Banking System Stock Up 3.5 %

Shares of NASDAQ COLB opened at $24.19 on Friday. The stock’s 50 day moving average price is $20.01 and its two-hundred day moving average price is $19.87. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11. The stock has a market capitalization of $5.06 billion, a P/E ratio of 10.38 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The firm had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Columbia Banking System’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, analysts anticipate that Columbia Banking System will post 2.44 EPS for the current year.

Institutional Investors Weigh In On Columbia Banking System

Several large investors have recently modified their holdings of COLB. Norges Bank bought a new stake in shares of Columbia Banking System during the 4th quarter worth $63,152,000. Public Employees Retirement Association of Colorado boosted its stake in shares of Columbia Banking System by 3,245.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock worth $23,068,000 after acquiring an additional 838,762 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its stake in shares of Columbia Banking System by 21.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after acquiring an additional 788,383 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Columbia Banking System by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after acquiring an additional 700,643 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Columbia Banking System by 16.2% during the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after acquiring an additional 637,212 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Company Profile

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.