Royal Bank of Canada Raises Columbia Banking System (NASDAQ:COLB) Price Target to $31.00

Columbia Banking System (NASDAQ:COLB) had its price objective boosted by research analysts at Royal Bank of Canada from $29.00 to $31.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 11.11% from the company’s current price.

COLB has been the subject of a number of other research reports. Wells Fargo & Company upped their price objective on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday. Truist Financial dropped 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. Raymond James boosted their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced 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 report on Wednesday, October 9th. Finally, Wedbush raised their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Columbia Banking System currently has an average rating of “Hold” and an average price target of $26.96.

Columbia Banking System Trading Down 1.3 %

Shares of NASDAQ:COLB opened at $27.90 on Friday. The stock 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 PE ratio of 11.97 and a beta of 0.64. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.62.

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

Hedge Funds Weigh In On Columbia Banking System

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

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.