Wells Fargo & Company Increases Columbia Banking System (NASDAQ:COLB) Price Target to $28.00

Columbia Banking System (NASDAQ:COLB) had its target price boosted by Wells Fargo & Company from $26.00 to $28.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.54% from the company’s current price.

COLB has been the topic of several other research reports. Barclays boosted their target price on Columbia Banking System from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Royal Bank of Canada increased their target price on shares of Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. 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. Truist Financial reduced their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. boosted their target price on Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and a consensus target price of $25.88.

Columbia Banking System Stock Up 0.2 %

COLB stock opened at $25.33 on Tuesday. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11. The firm has a market capitalization of $5.30 billion, a P/E ratio of 10.87 and a beta of 0.64. The company has a fifty day simple moving average of $24.62 and a two-hundred day simple moving average of $21.27.

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

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors have recently made changes to their positions in COLB. LSV Asset Management bought a new position in Columbia Banking System during the 1st quarter worth about $2,850,000. BNP Paribas Financial Markets increased its holdings in Columbia Banking System by 185.1% during the first quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock valued at $3,363,000 after buying an additional 112,826 shares during the period. First Hawaiian Bank raised its stake in Columbia Banking System by 81.4% in the second quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock worth $1,046,000 after buying an additional 23,597 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after buying an additional 574,509 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Columbia Banking System by 7.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 420,374 shares of the financial services provider’s stock valued at $8,135,000 after acquiring an additional 29,728 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.