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

Columbia Banking System (NASDAQ:COLB) had its target price increased by equities researchers at Wells Fargo & Company from $26.00 to $28.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.98% from the stock’s previous close.

Several other research firms also recently weighed in on COLB. Wedbush upgraded Columbia Banking System from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $28.00 to $31.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their price objective on Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Royal Bank of Canada increased their target price on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, StockNews.com raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $25.65.

Columbia Banking System Stock Down 3.4 %

Shares of COLB traded down $0.88 during mid-day trading on Tuesday, reaching $25.23. 1,288,436 shares of the company’s stock were exchanged, compared to its average volume of 2,373,756. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 10.87 and a beta of 0.64. The company has a 50-day simple moving average of $24.56 and a two-hundred day simple moving average of $21.19.

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. The business had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, equities research analysts predict that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Institutional Trading of Columbia Banking System

Large investors have recently modified their holdings of the company. Corient Private Wealth LLC bought a new position in Columbia Banking System in the 4th quarter worth about $963,000. Orion Portfolio Solutions LLC grew its holdings in Columbia Banking System by 10.6% in the 4th quarter. Orion Portfolio Solutions LLC now owns 33,490 shares of the financial services provider’s stock worth $875,000 after buying an additional 3,211 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in Columbia Banking System by 75.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,327 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 5,752 shares during the period. TD Asset Management Inc raised its stake in Columbia Banking System by 1.6% during the 4th quarter. TD Asset Management Inc now owns 294,675 shares of the financial services provider’s stock valued at $7,862,000 after acquiring an additional 4,661 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in Columbia Banking System by 25.2% during the 4th quarter. Stifel Financial Corp now owns 297,675 shares of the financial services provider’s stock worth $7,942,000 after acquiring an additional 59,848 shares during the period. 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.