Columbia Banking System (NASDAQ:COLB) PT Raised to $31.00 at Royal Bank of Canada

Columbia Banking System (NASDAQ:COLB) had its price target raised by equities research analysts at Royal Bank of Canada from $29.00 to $31.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 10.71% from the company’s current price.

A number of other research firms also recently issued reports on COLB. Truist Financial cut their price target on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Wedbush boosted their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday. JPMorgan Chase & Co. decreased their price target on shares of 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. Barclays boosted their price objective on shares of Columbia Banking System from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Finally, StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.65.

Columbia Banking System Stock Performance

Shares of COLB traded down $0.27 during mid-day trading on Friday, hitting $28.00. 705,236 shares of the company traded hands, compared to its average volume of 2,301,719. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 12.02 and a beta of 0.64. The stock has a 50-day moving average price of $25.41 and a two-hundred day moving average price of $22.15. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.53.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The business had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. During the same period in the previous year, the business earned $0.79 EPS. On average, analysts forecast that Columbia Banking System will post 2.55 EPS for the current year.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors have recently added to or reduced their stakes in COLB. LSV Asset Management purchased a new position in Columbia Banking System during the first quarter valued at $2,850,000. BNP Paribas Financial Markets increased its holdings in shares of Columbia Banking System by 185.1% in the first quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock worth $3,363,000 after purchasing an additional 112,826 shares during the last quarter. First Hawaiian Bank grew its holdings in Columbia Banking System by 81.4% during the 2nd quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock valued at $1,046,000 after buying an additional 23,597 shares in the last quarter. Vanguard Group Inc. increased its stake in Columbia Banking System by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after acquiring an additional 574,509 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Columbia Banking System by 7.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 420,374 shares of the financial services provider’s stock worth $8,135,000 after acquiring an additional 29,728 shares in the last quarter. 92.53% of the stock is 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.