Citigroup Has Lowered Expectations for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its price target dropped by equities researchers at Citigroup from $32.00 to $31.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price indicates a potential upside of 3.68% from the company’s previous close.

COLB has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Stephens raised their price target on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Wells Fargo & Company lifted their price objective on Columbia Banking System from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Fundamental Research set a $35.00 target price on shares of Columbia Banking System in a report on Wednesday, July 1st. Finally, Barclays dropped their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Monday, August 3rd. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Columbia Banking System has an average rating of “Hold” and an average target price of $33.75.

Columbia Banking System Trading Down 0.1%

Shares of NASDAQ:COLB opened at $29.90 on Tuesday. The stock has a 50 day moving average of $31.14 and a 200 day moving average of $29.96. The company has a market cap of $8.46 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 2.96 and a beta of 0.62. Columbia Banking System has a 12-month low of $23.83 and a 12-month high of $33.67.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same quarter in the prior year, the firm posted $0.76 EPS. Equities research analysts predict that Columbia Banking System will post 3.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Large investors have recently bought and sold shares of the business. BW Gestao de Investimentos Ltda. acquired a new stake in shares of Columbia Banking System during the 4th quarter worth approximately $9,782,000. Easterly Investment Partners LLC lifted its holdings in Columbia Banking System by 10.6% during the fourth quarter. Easterly Investment Partners LLC now owns 713,206 shares of the financial services provider’s stock valued at $19,934,000 after purchasing an additional 68,388 shares in the last quarter. TD Asset Management Inc boosted its holdings in Columbia Banking System by 12.0% in the 4th quarter. TD Asset Management Inc now owns 461,928 shares of the financial services provider’s stock worth $12,911,000 after buying an additional 49,454 shares during the last quarter. Fifth Third Bancorp boosted its stake in Columbia Banking System by 3,617.7% during the 1st quarter. Fifth Third Bancorp now owns 75,469 shares of the financial services provider’s stock worth $2,070,000 after purchasing an additional 73,439 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Columbia Banking System in the second quarter valued at about $2,746,000. Institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc is a regional bank holding company headquartered in Tacoma, Washington. Through its principal subsidiary, Columbia Bank, the company provides banking and financial services to individuals, families, businesses, professionals and public-sector organizations.

Its products and services include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, lines of credit, treasury management, wealth management, mortgage services and digital banking.