Raymond James Boosts Columbia Banking System (NASDAQ:COLB) Price Target to $28.00

Columbia Banking System (NASDAQ:COLB) had its price target upped by research analysts at Raymond James from $26.00 to $28.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price objective suggests a potential upside of 10.32% from the stock’s previous close.

COLB has been the subject of several other research reports. Keefe, Bruyette & Woods upped their target price 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. Piper Sandler restated an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Barclays upped their price objective on shares of Columbia Banking System from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Wells Fargo & Company raised their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.88.

Columbia Banking System Stock Up 0.4 %

NASDAQ COLB traded up $0.10 on Wednesday, reaching $25.38. The stock had a trading volume of 537,898 shares, compared to its average volume of 2,366,619. The stock has a fifty day moving average price of $24.58 and a two-hundred day moving average price of $21.24. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 10.91 and a beta of 0.64. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $472.15 million during 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 revenue for the quarter was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. Sell-side analysts forecast that Columbia Banking System will post 2.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Columbia Banking System by 812.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after purchasing an additional 2,833,744 shares during the period. Public Employees Retirement Association of Colorado grew its position in 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 purchasing an additional 838,762 shares during the last quarter. Silvercrest Asset Management Group LLC grew its position in 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 purchasing an additional 788,383 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Columbia Banking System by 16.2% in the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after acquiring an additional 637,212 shares in the last quarter. Finally, Vanguard Group Inc. grew its position 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. 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.