Columbia Banking System (NASDAQ:COLB) Given New $30.00 Price Target at Citigroup

Columbia Banking System (NASDAQ:COLB) had its target price cut by analysts at Citigroup from $31.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price target indicates a potential upside of 6.65% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. 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. Royal Bank of Canada increased their price objective on shares of Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Wells Fargo & Company raised Columbia Banking System from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $33.00 to $35.00 in a research note on Monday, January 6th. Finally, Truist Financial lifted their price objective on Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, October 28th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Columbia Banking System Trading Up 0.6 %

Columbia Banking System stock traded up $0.17 during mid-day trading on Monday, hitting $28.13. The stock had a trading volume of 1,912,740 shares, compared to its average volume of 1,515,453. The firm’s 50 day moving average is $28.78 and its 200 day moving average is $26.79. The firm has a market capitalization of $5.89 billion, a P/E ratio of 12.18 and a beta of 0.67. Columbia Banking System has a one year low of $17.08 and a one year high of $32.85.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.06. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. As a group, equities research analysts forecast that Columbia Banking System will post 2.66 earnings per share for the current year.

Institutional Trading of Columbia Banking System

Several institutional investors have recently added to or reduced their stakes in COLB. Charles Schwab Investment Management Inc. lifted its holdings in Columbia Banking System by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,109,253 shares of the financial services provider’s stock valued at $185,623,000 after buying an additional 178,327 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Columbia Banking System by 31.9% during the third quarter. Wellington Management Group LLP now owns 6,659,255 shares of the financial services provider’s stock worth $173,873,000 after acquiring an additional 1,611,563 shares during the period. Janus Henderson Group PLC raised its stake in shares of Columbia Banking System by 33.1% during the third quarter. Janus Henderson Group PLC now owns 2,263,432 shares of the financial services provider’s stock valued at $59,099,000 after acquiring an additional 562,467 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Columbia Banking System by 3.4% during the third quarter. Fisher Asset Management LLC now owns 1,614,940 shares of the financial services provider’s stock valued at $42,166,000 after acquiring an additional 53,847 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of Columbia Banking System by 14.2% in the third quarter. Segall Bryant & Hamill LLC now owns 1,534,798 shares of the financial services provider’s stock valued at $40,074,000 after purchasing an additional 190,311 shares during the period. 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.