Columbia Banking System (NASDAQ:COLB) Upgraded at Wedbush

Columbia Banking System (NASDAQ:COLB) was upgraded by stock analysts at Wedbush from a “neutral” rating to an “outperform” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $31.00 price target on the financial services provider’s stock, up from their previous price target of $28.00. Wedbush’s price objective suggests a potential upside of 20.44% from the stock’s previous close.

Other analysts have also issued reports about the company. Keefe, Bruyette & Woods increased their target price on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Stephens increased their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Piper Sandler restated an “overweight” rating and issued a $27.00 target price on shares of Columbia Banking System in a research report on Wednesday, June 5th. JPMorgan Chase & Co. upped their price target on shares of Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, Truist Financial decreased their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average target price of $25.42.

Columbia Banking System Stock Down 0.2 %

NASDAQ COLB opened at $25.74 on Tuesday. The firm has a 50-day moving average price of $24.31 and a two-hundred day moving average price of $20.95. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.11. The company has a market capitalization of $5.39 billion, a P/E ratio of 11.05 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results 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. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. During the same period in the previous year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities analysts expect that Columbia Banking System will post 2.55 EPS for the current year.

Hedge Funds Weigh In On Columbia Banking System

Several large investors have recently bought and sold shares of the company. Picton Mahoney Asset Management bought a new stake in shares of Columbia Banking System during the second quarter worth about $33,000. Abich Financial Wealth Management LLC grew its holdings in Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares during the last quarter. GAMMA Investing LLC grew 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 acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC raised its stake in shares of Columbia Banking System by 137,166.7% during the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 4,115 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.