StockNews.com Upgrades Columbia Banking System (NASDAQ:COLB) to “Hold”

Columbia Banking System (NASDAQ:COLB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also issued research reports about the stock. Wedbush raised shares of Columbia Banking System from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $28.00 to $31.00 in a report on Tuesday, September 24th. Royal Bank of Canada boosted their price target on Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. increased their price objective on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Truist Financial cut their price objective on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Finally, Barclays upped their target price on Columbia Banking System from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $25.88.

Columbia Banking System Stock Up 1.3 %

Shares of NASDAQ:COLB opened at $25.67 on Friday. The stock has a market cap of $5.37 billion, a PE ratio of 11.02 and a beta of 0.64. The company’s fifty day moving average is $24.64 and its 200 day moving average is $21.30. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11.

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 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 firm had revenue of $472.15 million during the quarter, compared to the consensus estimate of $476.01 million. During the same quarter in the previous year, the company posted $0.81 earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. Sell-side analysts anticipate that Columbia Banking System will post 2.55 EPS for the current year.

Institutional Trading of Columbia Banking System

Several institutional investors have recently added to or reduced their stakes in COLB. Ariadne Wealth Management LP bought a new position in shares of Columbia Banking System during the second quarter valued at $252,000. Cetera Investment Advisers raised its position in Columbia Banking System by 135.8% in the 2nd quarter. Cetera Investment Advisers now owns 111,009 shares of the financial services provider’s stock worth $2,208,000 after buying an additional 63,932 shares during the last quarter. Creative Planning lifted its stake in Columbia Banking System by 39.2% during the 2nd quarter. Creative Planning now owns 42,063 shares of the financial services provider’s stock valued at $837,000 after acquiring an additional 11,836 shares during the period. Algert Global LLC boosted its holdings in shares of Columbia Banking System by 6.2% during the 2nd quarter. Algert Global LLC now owns 321,874 shares of the financial services provider’s stock valued at $6,402,000 after acquiring an additional 18,708 shares during the last quarter. Finally, Scientech Research LLC bought a new stake in shares of Columbia Banking System in the second quarter worth approximately $307,000. 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.