Columbia Banking System (NASDAQ:COLB) PT Lowered to $22.00

Columbia Banking System (NASDAQ:COLB) had its price target cut by Wells Fargo & Company from $25.00 to $22.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 22.77% from the company’s current price.

COLB has been the topic of a number of other reports. Royal Bank of Canada reduced their price objective on shares of Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Stephens downgraded shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $31.00 to $24.00 in a research note on Thursday, January 25th. UBS Group reduced their price objective on shares of Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating on the stock in a research note on Friday, January 26th. Barclays began coverage on shares of Columbia Banking System in a research note on Friday, March 8th. They set an “equal weight” rating and a $20.00 price objective on the stock. Finally, StockNews.com downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Tuesday, March 12th. One 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 stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and an average price target of $22.42.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $17.92 on Wednesday. Columbia Banking System has a 52 week low of $17.18 and a 52 week high of $28.11. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 10.86 and a beta of 0.71. The firm’s 50-day simple moving average is $18.63 and its 200 day simple moving average is $21.24.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). The firm had revenue of $519.16 million for the quarter, compared to analyst estimates of $525.94 million. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The company’s quarterly revenue was up 52.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share. Sell-side analysts anticipate that Columbia Banking System will post 2.28 EPS for the current year.

Insider Buying and Selling

In other Columbia Banking System news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, for a total transaction of $49,618.80. Following the transaction, the director now directly owns 25,001 shares in the company, valued at $462,018.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Aaron James Deer purchased 2,000 shares of the stock in a transaction on Thursday, February 1st. The stock was purchased at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the acquisition, the insider now owns 36,850 shares in the company, valued at $711,942. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the stock in a transaction on Tuesday, February 6th. The shares were purchased at an average price of $18.48 per share, with a total value of $49,618.80. Following the acquisition, the director now owns 25,001 shares in the company, valued at approximately $462,018.48. The disclosure for this purchase can be found here. Insiders have acquired a total of 35,133 shares of company stock worth $719,737 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Alaska Permanent Fund Corp raised its holdings in Columbia Banking System by 14.5% during the 1st quarter. Alaska Permanent Fund Corp now owns 114,993 shares of the financial services provider’s stock worth $2,225,000 after purchasing an additional 14,550 shares during the last quarter. First Hawaiian Bank raised its holdings in Columbia Banking System by 44.5% during the 1st quarter. First Hawaiian Bank now owns 28,997 shares of the financial services provider’s stock worth $561,000 after purchasing an additional 8,935 shares during the last quarter. CWM LLC raised its holdings in Columbia Banking System by 20.9% during the 1st quarter. CWM LLC now owns 7,312 shares of the financial services provider’s stock worth $141,000 after purchasing an additional 1,263 shares during the last quarter. Moody National Bank Trust Division raised its holdings in Columbia Banking System by 44.4% during the 1st quarter. Moody National Bank Trust Division now owns 34,434 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 10,593 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new position in Columbia Banking System during the 4th quarter worth approximately $1,868,000. 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.