Royal Bank of Canada Raises Columbia Banking System (NASDAQ:COLB) Price Target to $31.00

Columbia Banking System (NASDAQ:COLB) had its price objective boosted by Royal Bank of Canada from $29.00 to $31.00 in a 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 10.71% from the stock’s previous close.

A number of other research firms have also weighed in on COLB. Raymond James increased their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their price target on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Barclays boosted their price objective on Columbia Banking System from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Wells Fargo & Company increased their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Truist Financial cut their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.65.

Columbia Banking System Stock Down 1.0 %

NASDAQ COLB traded down $0.27 during trading hours on Friday, hitting $28.00. 705,236 shares of the company were exchanged, compared to its average volume of 2,301,719. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.53. The stock has a 50-day moving average price of $25.41 and a 200 day moving average price of $22.15. The stock has a market cap of $5.86 billion, a PE ratio of 12.02 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. During the same quarter in the previous year, the company posted $0.79 EPS. As a group, sell-side analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP raised its position in shares of Columbia Banking System by 0.3% in the 3rd quarter. Allworth Financial LP now owns 175,538 shares of the financial services provider’s stock valued at $4,583,000 after purchasing an additional 458 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after buying an additional 700 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Columbia Banking System by 14.0% in the third quarter. Signaturefd LLC now owns 5,767 shares of the financial services provider’s stock worth $151,000 after buying an additional 709 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in shares of Columbia Banking System by 2.9% during the third quarter. Bleakley Financial Group LLC now owns 25,111 shares of the financial services provider’s stock worth $656,000 after buying an additional 718 shares during the period. Finally, Abich Financial Wealth Management LLC grew its holdings in shares of Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,020 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.