Keefe, Bruyette & Woods Issues Positive Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its price target lifted by equities research analysts at Keefe, Bruyette & Woods from $34.00 to $35.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 11.59% from the company’s current price.

COLB has been the subject of several other reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Columbia Banking System in a research report on Monday, June 29th. UBS Group started coverage on Columbia Banking System in a research note on Tuesday, April 7th. They set a “neutral” rating and a $30.00 target price for the company. Barclays increased their price target on shares of Columbia Banking System from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Finally, Wells Fargo & Company upped their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.27.

Columbia Banking System Trading Down 2.8%

Shares of COLB stock traded down $0.90 on Friday, reaching $31.36. 3,491,695 shares of the stock were exchanged, compared to its average volume of 2,898,138. The business’s 50 day moving average price is $30.94 and its 200 day moving average price is $29.69. The company has a market capitalization of $9.08 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 2.22 and a beta of 0.62. Columbia Banking System has a twelve month low of $22.77 and a twelve month high of $33.67.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The company had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $687.40 million. During the same period last year, the firm earned $0.76 earnings per share. Equities research analysts forecast that Columbia Banking System will post 3.05 earnings per share for the current year.

Insider Buying and Selling

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at approximately $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC raised its stake in Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 949 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares during the period. Horizon Investments LLC increased its holdings in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 773 shares during the period. Rossby Financial LCC purchased a new stake in shares of Columbia Banking System during the fourth quarter worth approximately $36,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in shares of Columbia Banking System during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Key Stories Impacting Columbia Banking System

Here are the key news stories impacting Columbia Banking System this week:

• Positive Sentiment: Columbia Banking System reported Q2 earnings of $0.76 per share, beating Wall Street estimates and matching last year’s result, while management pointed to stronger net interest income and fee income. Article Title
• Positive Sentiment: Stephens raised its price target on COLB from $35 to $36 and maintained an overweight rating, signaling improved confidence in the bank’s outlook. Article Title
• Positive Sentiment: Royal Bank of Canada also lifted its price target on Columbia Banking System from $34 to $35 while keeping a sector perform rating, adding to the positive analyst sentiment around the stock. Article Title
• Neutral Sentiment: Revenue for the quarter came in slightly below consensus, and the company noted pressure from rising expenses as well as lower loan and deposit balances, which tempers the earnings beat. Article Title

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.