Columbia Banking System (NASDAQ:COLB) Rating Reiterated by Wedbush

Posted by Defense World Staff on Jul 22nd, 2023

Columbia Banking System (NASDAQ:COLB – Get Free Report)‘s stock had its “neutral” rating reaffirmed by equities researchers at Wedbush in a research report issued on Thursday, Benzinga reports. They presently have a $24.00 target price on the financial services provider’s stock. Wedbush’s price objective points to a potential upside of 13.37% from the company’s current price. Wedbush also issued estimates for Columbia Banking System’s Q3 2023 earnings at $0.66 EPS.

Other analysts have also recently issued research reports about the stock. Truist Financial reduced their price objective on shares of Columbia Banking System from $23.00 to $22.00 in a research note on Thursday, June 29th. Stephens reduced their price target on shares of Columbia Banking System from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday. UBS Group downgraded shares of Columbia Banking System from a “neutral” rating to a “sell” rating and reduced their price target for the company from $21.50 to $18.50 in a report on Monday, July 10th. StockNews.com initiated coverage on shares of Columbia Banking System in a report on Thursday, May 18th. They issued a “sell” rating on the stock. Finally, JPMorgan Chase & Co. initiated coverage on shares of Columbia Banking System in a report on Thursday, June 15th. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.17.

Columbia Banking System Stock Down 3.5 %

Shares of NASDAQ:COLB opened at $21.17 on Thursday. The company has a market cap of $4.41 billion, a price-to-earnings ratio of 8.93 and a beta of 0.66. The firm’s 50-day simple moving average is $21.48 and its 200-day simple moving average is $24.16. Columbia Banking System has a fifty-two week low of $17.54 and a fifty-two week high of $35.53.

Columbia Banking System (NASDAQ:COLB – Get Free Report) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.12). Columbia Banking System had a net margin of 16.18% and a return on equity of 9.55%. The company had revenue of $524.85 million during the quarter, compared to analyst estimates of $584.70 million. During the same quarter last year, the business earned $0.79 EPS. The firm’s revenue for the quarter was up 72.8% on a year-over-year basis. On average, research analysts forecast that Columbia Banking System will post 3.44 EPS for the current year.

Insider Activity at Columbia Banking System

In other news, Director Craig D. Eerkes acquired 2,381 shares of Columbia Banking System stock in a transaction that occurred on Wednesday, May 24th. The shares were acquired at an average price of $21.01 per share, with a total value of $50,024.81. Following the completion of the purchase, the director now owns 29,022 shares of the company’s stock, valued at approximately $609,752.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of COLB. Raymond James Financial Services Advisors Inc. acquired a new position in Columbia Banking System during the first quarter worth approximately $484,000. PNC Financial Services Group Inc. increased its position in Columbia Banking System by 26.7% during the first quarter. PNC Financial Services Group Inc. now owns 5,310 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 1,120 shares during the last quarter. Bank of Montreal Can increased its position in Columbia Banking System by 2.7% during the first quarter. Bank of Montreal Can now owns 23,253 shares of the financial services provider’s stock worth $790,000 after purchasing an additional 620 shares during the last quarter. MetLife Investment Management LLC increased its position in Columbia Banking System by 56.3% during the first quarter. MetLife Investment Management LLC now owns 42,283 shares of the financial services provider’s stock worth $1,364,000 after purchasing an additional 15,237 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Columbia Banking System by 3.4% during the first quarter. Rhumbline Advisers now owns 232,909 shares of the financial services provider’s stock worth $7,516,000 after purchasing an additional 7,638 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

About Columbia Banking System

(Get Free Report)

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides commercial and retail banking services. The company offers deposit products, including interest-bearing checking, savings, money market, and certificate of deposit accounts. It also provides home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; and agricultural loans, asset-based loans, builder and other commercial real estate loans, and loans guaranteed by the SBA, as well as offer a suite of business edge loans designed for small businesses to expand, purchase equipment, or in need of working capital.