Columbia Banking System’s (COLB) “Overweight” Rating Reiterated at Piper Sandler

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

Several other equities analysts have also recently commented on the stock. Zacks Research cut shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Stephens upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 target price for the company in a report on Monday, August 4th. TD Cowen assumed coverage on shares of Columbia Banking System in a report on Thursday, September 25th. They issued a “hold” rating and a $28.00 target price for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Columbia Banking System in a research report on Tuesday, October 14th. Finally, Citigroup lifted their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.54.

Columbia Banking System Price Performance

COLB opened at $26.80 on Monday. The stock has a market capitalization of $5.64 billion, a PE ratio of 10.63 and a beta of 0.60. The firm’s fifty day moving average price is $26.11 and its 200 day moving average price is $24.73. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.85.

Columbia Banking System (NASDAQ:COLB) last issued its 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 net margin of 17.98% and a return on equity of 11.31%. On average, equities research analysts forecast that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently made changes to their positions in the company. Verdence Capital Advisors LLC boosted its stake in shares of Columbia Banking System by 2.0% during the second quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider’s stock valued at $484,000 after purchasing an additional 403 shares in the last quarter. State of Michigan Retirement System grew its stake in Columbia Banking System by 1.0% during the first quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider’s stock worth $1,251,000 after purchasing an additional 500 shares during the period. Louisiana State Employees Retirement System lifted its stake in Columbia Banking System by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider’s stock valued at $1,464,000 after buying an additional 500 shares during the period. Xponance Inc. lifted its stake in Columbia Banking System by 2.2% in the first quarter. Xponance Inc. now owns 24,313 shares of the financial services provider’s stock valued at $606,000 after buying an additional 517 shares during the period. Finally, Mengis Capital Management Inc. lifted its stake in Columbia Banking System by 1.1% in the second quarter. Mengis Capital Management Inc. now owns 50,511 shares of the financial services provider’s stock valued at $1,181,000 after buying an additional 529 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

About Columbia Banking System

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.