Columbia Banking System (NASDAQ:COLB) Price Target Lowered to $30.00 at Piper Sandler

Columbia Banking System (NASDAQ:COLB) had its price objective cut by research analysts at Piper Sandler from $32.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 34.20% from the company’s current price.

A number of other analysts also recently weighed in on COLB. Wells Fargo & Company upped their target price on Columbia Banking System from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday. Citigroup decreased their target price on shares of Columbia Banking System from $31.00 to $30.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Raymond James set a $27.00 price target on shares of Columbia Banking System and gave the stock an “outperform” rating in a report on Thursday. Keefe, Bruyette & Woods lowered their price objective on shares of Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Royal Bank of Canada reduced their target price on Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating on the stock in a report on Thursday. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $29.85.

Columbia Banking System Stock Down 1.2 %

Shares of COLB stock traded down $0.28 during trading on Monday, reaching $22.36. 618,996 shares of the company’s stock were exchanged, compared to its average volume of 1,780,589. Columbia Banking System has a twelve month low of $18.11 and a twelve month high of $32.85. The firm’s fifty day moving average price is $24.05 and its 200-day moving average price is $27.02. The stock has a market capitalization of $4.70 billion, a PE ratio of 8.80 and a beta of 0.53.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The business had revenue of $481.92 million during the quarter, compared to analysts’ expectations of $482.86 million. During the same period last year, the firm posted $0.65 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, analysts anticipate that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Torran B. Nixon sold 4,481 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total value of $116,461.19. Following the completion of the sale, the vice president now owns 104,869 shares of the company’s stock, valued at $2,725,545.31. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new position in shares of Columbia Banking System during the fourth quarter valued at $29,000. SBI Securities Co. Ltd. bought a new position in Columbia Banking System in the 4th quarter valued at approximately $32,000. Kapitalo Investimentos Ltda bought a new stake in shares of Columbia Banking System in the 4th quarter worth $42,000. Meeder Asset Management Inc. bought a new position in shares of Columbia Banking System during the fourth quarter valued at $42,000. Finally, UMB Bank n.a. boosted its position in shares of Columbia Banking System by 141.3% during the first quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider’s stock valued at $41,000 after buying an additional 958 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.