Columbia Banking System (NASDAQ:COLB) Given Overweight Rating at Piper Sandler

Columbia Banking System (NASDAQ:COLB)‘s stock had its “overweight” rating reaffirmed by Piper Sandler in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $35.00 price target on the financial services provider’s stock. Piper Sandler’s target price indicates a potential upside of 30.60% from the stock’s current price.

Several other equities analysts also recently weighed in on COLB. TD Cowen initiated coverage on Columbia Banking System in a research report on Thursday, September 25th. They set a “hold” rating and a $28.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Columbia Banking System from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Friday. Zacks Research cut Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Citigroup increased their price target on Columbia Banking System from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Royal Bank Of Canada boosted their price objective on shares of Columbia Banking System from $27.00 to $28.00 and gave the company a “sector perform” rating in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $29.54.

Columbia Banking System Stock Up 3.0%

Shares of NASDAQ COLB opened at $26.80 on Monday. The business has a 50-day simple moving average of $26.11 and a two-hundred day simple moving average of $24.73. The company has a market cap of $5.64 billion, a P/E ratio of 10.63 and a beta of 0.60. Columbia Banking System has a 52 week low of $19.61 and a 52 week high of $32.85.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. The company had revenue of $348.47 million for the quarter. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%. Equities research analysts anticipate that Columbia Banking System will post 2.71 EPS for the current year.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds have recently made changes to their positions in COLB. Teacher Retirement System of Texas grew its position in Columbia Banking System by 23.1% in the 1st quarter. Teacher Retirement System of Texas now owns 61,990 shares of the financial services provider’s stock worth $1,546,000 after purchasing an additional 11,637 shares during the last quarter. Principal Financial Group Inc. boosted its position in Columbia Banking System by 0.4% in the first quarter. Principal Financial Group Inc. now owns 482,353 shares of the financial services provider’s stock valued at $12,030,000 after buying an additional 1,970 shares in the last quarter. AlphaQuest LLC acquired a new position in shares of Columbia Banking System during the second quarter worth approximately $687,000. Sequoia Financial Advisors LLC acquired a new position in shares of Columbia Banking System during the second quarter worth approximately $289,000. Finally, Nordea Investment Management AB raised its stake in shares of Columbia Banking System by 33.6% during the second quarter. Nordea Investment Management AB now owns 526,244 shares of the financial services provider’s stock worth $12,351,000 after buying an additional 132,489 shares during the last quarter. Institutional investors and hedge funds 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.