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 decreased by stock analysts at Truist Financial from $29.00 to $28.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 8.65% from the stock’s current price.

Several other research firms have also recently weighed in on COLB. Keefe, Bruyette & Woods boosted their price objective on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Barclays upped their price target on Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price target on shares of Columbia Banking System in a report on Wednesday, June 5th. Stephens boosted their price objective on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $24.96.

Columbia Banking System Stock Performance

Shares of NASDAQ COLB traded down $0.51 during mid-day trading on Friday, hitting $25.77. 433,781 shares of the stock were exchanged, compared to its average volume of 2,364,737. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The stock’s fifty day simple moving average is $24.16 and its two-hundred day simple moving average is $20.83. The company has a market cap of $5.40 billion, a P/E ratio of 11.07 and a beta of 0.64.

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

Hedge Funds Weigh In On Columbia Banking System

A number of large investors have recently bought and sold shares of COLB. Dimensional Fund Advisors LP boosted its position in Columbia Banking System by 812.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock valued at $63,295,000 after purchasing an additional 2,833,744 shares during the last quarter. Norges Bank acquired a new stake in shares of Columbia Banking System in the 4th 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% in 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 in the last quarter. Silvercrest Asset Management Group LLC increased its holdings in 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 worth $86,468,000 after buying an additional 788,383 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Columbia Banking System by 16.2% during the fourth 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. Institutional investors and hedge funds 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.