Wells Fargo & Company Raises Columbia Banking System (NASDAQ:COLB) Price Target to $33.00

Columbia Banking System (NASDAQ:COLB) had its price target raised by stock analysts at Wells Fargo & Company from $30.00 to $33.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.20% from the company’s current price.

A number of other brokerages have also commented on COLB. Truist Financial increased their price target on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, October 28th. Raymond James increased their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Wedbush upped their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. decreased their price objective on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. 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.com, the stock has an average rating of “Hold” and a consensus price target of $27.88.

Columbia Banking System Stock Down 1.1 %

NASDAQ COLB opened at $30.22 on Tuesday. The business has a 50-day moving average price of $28.60 and a 200-day moving average price of $24.38. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $32.85. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 12.98 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The company had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. During the same period in the prior year, the company earned $0.79 earnings per share. Research analysts expect that Columbia Banking System will post 2.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently modified their holdings of COLB. Picton Mahoney Asset Management purchased a new stake in shares of Columbia Banking System in the second quarter worth approximately $33,000. GAMMA Investing LLC increased its holdings in Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,380 shares during the period. Hexagon Capital Partners LLC increased its holdings in Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 4,115 shares during the period. Finally, Signaturefd LLC increased its holdings in Columbia Banking System by 44.1% during the 2nd quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 1,548 shares during the period. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

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.