Piper Sandler Reiterates Overweight Rating for Columbia Banking System (NASDAQ:COLB)

Columbia Banking System (NASDAQ:COLBGet Free Report)‘s stock had its “overweight” rating reiterated by investment analysts at Piper Sandler in a research report issued on Wednesday, Benzinga reports. They currently have a $27.00 target price on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 42.93% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company cut their target price on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 10th. Barclays raised their target price on shares of Columbia Banking System from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. cut their target price on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, April 4th. Truist Financial cut their target price on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Finally, Citigroup cut their target price on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $22.04.

Check Out Our Latest Analysis on COLB

Columbia Banking System Trading Up 1.2 %

NASDAQ COLB opened at $18.89 on Wednesday. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 8.11 and a beta of 0.67. The firm’s 50 day simple moving average is $19.08 and its 200 day simple moving average is $20.98. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.11.

Columbia Banking System (NASDAQ:COLBGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. The business had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, equities research analysts forecast that Columbia Banking System will post 2.44 earnings per share for the current year.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds have recently bought and sold shares of COLB. Wellington Management Group LLP bought a new position in Columbia Banking System during the third quarter worth $80,011,000. Norges Bank bought a new position in Columbia Banking System during the fourth quarter worth $63,152,000. Kennedy Capital Management LLC raised its stake in Columbia Banking System by 1,633.4% during the third quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock worth $25,936,000 after buying an additional 1,203,933 shares during the last quarter. American Century Companies Inc. raised its stake in Columbia Banking System by 32.5% during the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after buying an additional 967,009 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado raised its stake in Columbia Banking System by 3,245.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock worth $23,068,000 after buying an additional 838,762 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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