Columbia Banking System (NASDAQ:COLB) Price Target Raised to $21.00 at Barclays

Columbia Banking System (NASDAQ:COLB) had its price objective hoisted by stock analysts at Barclays from $20.00 to $21.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 7.20% from the company’s previous close.

Other analysts also recently issued reports about the company. Truist Financial reduced their target price on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Citigroup reduced their target price on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. TheStreet downgraded Columbia Banking System from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. StockNews.com downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Tuesday, March 12th. Finally, JPMorgan Chase & Co. reduced their target price on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $22.19.

Columbia Banking System Stock Performance

Shares of COLB stock traded up $0.58 during mid-day trading on Friday, hitting $19.59. The company’s stock had a trading volume of 849,123 shares, compared to its average volume of 2,839,047. The company’s fifty day simple moving average is $18.50 and its 200-day simple moving average is $21.16. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11. The company has a market cap of $4.10 billion, a PE ratio of 11.87 and a beta of 0.71.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.12. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The firm had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. During the same period last year, the company posted $0.46 EPS. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities analysts anticipate that Columbia Banking System will post 2.25 earnings per share for the current year.

Insider Buying and Selling at Columbia Banking System

In other Columbia Banking System news, CFO Ron L. Farnsworth bought 2,500 shares of the stock in a transaction on Monday, January 29th. The shares were acquired at an average price of $20.71 per share, with a total value of $51,775.00. Following the acquisition, the chief financial officer now directly owns 160,073 shares of the company’s stock, valued at approximately $3,315,111.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Ron L. Farnsworth purchased 2,500 shares of Columbia Banking System stock in a transaction dated Monday, January 29th. The stock was purchased at an average cost of $20.71 per share, for a total transaction of $51,775.00. Following the transaction, the chief financial officer now directly owns 160,073 shares of the company’s stock, valued at $3,315,111.83. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Elizabeth Whitehead Seaton purchased 2,685 shares of Columbia Banking System stock in a transaction dated 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 completion of the transaction, the director now directly owns 25,001 shares in the company, valued at $462,018.48. The disclosure for this purchase can be found here. Insiders have acquired 35,133 shares of company stock valued at $719,737 in the last 90 days. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP bought a new position in Columbia Banking System in the third quarter worth about $80,011,000. Norges Bank bought a new position in Columbia Banking System in the fourth quarter worth about $63,152,000. Kennedy Capital Management LLC raised its stake in Columbia Banking System by 1,633.4% in 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 in the last quarter. American Century Companies Inc. raised its stake in Columbia Banking System by 32.5% in 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 in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its stake in Columbia Banking System by 3,245.7% in 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 in the last quarter. 92.53% of the stock is owned by 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.