Columbia Banking System (NASDAQ:COLB) PT Lowered to $28.00

Columbia Banking System (NASDAQ:COLB) had its price objective dropped by investment analysts at Truist Financial from $29.00 to $28.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s target price points to a potential upside of 8.53% from the company’s current price.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. lifted their price target on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. StockNews.com lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. Stephens boosted their target price on Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Barclays boosted their target price on Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Piper Sandler restated an “overweight” rating and issued a $27.00 target price on shares of Columbia Banking System in a research note on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.96.

Columbia Banking System Trading Down 1.8 %

Shares of Columbia Banking System stock opened at $25.80 on Friday. The business’s fifty day simple moving average is $24.25 and its 200 day simple moving average is $20.90. The firm has a market capitalization of $5.40 billion, a P/E ratio of 11.07 and a beta of 0.64. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.11.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. Columbia Banking System’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. Analysts predict that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds have recently made changes to their positions in the stock. Picton Mahoney Asset Management purchased a new position in shares of Columbia Banking System in the second quarter valued at $33,000. Abich Financial Wealth Management LLC grew its position in shares of Columbia Banking System by 85.1% in the first 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 in the last quarter. GAMMA Investing LLC grew its position in Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after buying an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its position in 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 worth $82,000 after buying an additional 4,115 shares in the last quarter. 92.53% of the stock is currently 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.