Columbia Banking System (NASDAQ:COLB) PT Raised to $31.00

Columbia Banking System (NASDAQ:COLB) had its price target increased by stock analysts at Royal Bank of Canada from $29.00 to $31.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 11.11% from the stock’s previous close.

A number of other brokerages have also recently commented on COLB. StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Raymond James boosted their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods raised their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Wedbush lifted their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday. Finally, Stephens upped their price target on 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. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.96.

Columbia Banking System Price Performance

COLB stock opened at $27.90 on Friday. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.62. The firm has a 50-day moving average of $25.49 and a 200 day moving average of $22.24. The company has a market cap of $5.84 billion, a P/E ratio of 11.97 and a beta of 0.64.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in COLB. Allworth Financial LP raised its stake in Columbia Banking System by 0.3% during the 3rd quarter. Allworth Financial LP now owns 175,538 shares of the financial services provider’s stock valued at $4,583,000 after buying an additional 458 shares during the last quarter. Retirement Systems of Alabama lifted its holdings in Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock valued at $5,068,000 after acquiring an additional 700 shares during the period. Signaturefd LLC boosted its position in Columbia Banking System by 14.0% in the third quarter. Signaturefd LLC now owns 5,767 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 709 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Columbia Banking System by 2.9% during the 3rd quarter. Bleakley Financial Group LLC now owns 25,111 shares of the financial services provider’s stock valued at $656,000 after purchasing an additional 718 shares during the period. Finally, Abich Financial Wealth Management LLC increased its position in shares of 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 valued at $43,000 after purchasing an additional 1,020 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other 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.