Piper Sandler Issues Pessimistic Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its target price decreased by equities researchers at Piper Sandler from $36.00 to $34.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 24.87% from the stock’s previous close.

Other analysts have also issued reports about the stock. Wall Street Zen raised shares of Columbia Banking System from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. Weiss Ratings downgraded Columbia Banking System from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, March 17th. Wells Fargo & Company upped their price target on Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday. UBS Group reissued a “neutral” rating and set a $33.00 price objective on shares of Columbia Banking System in a report on Wednesday, February 4th. Finally, Barclays increased their target price on shares of Columbia Banking System from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $31.88.

Columbia Banking System Stock Down 2.5%

NASDAQ:COLB opened at $27.23 on Thursday. The business’s 50-day moving average price is $28.97 and its 200 day moving average price is $27.84. Columbia Banking System has a 52-week low of $19.61 and a 52-week high of $32.70. The firm has a market cap of $8.05 billion, a P/E ratio of 12.19 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The company had revenue of $715.00 million during the quarter, compared to the consensus estimate of $693.23 million. During the same period in the prior year, the company earned $0.71 EPS. Sell-side analysts expect that Columbia Banking System will post 2.71 EPS for the current year.

Insider Buying and Selling at Columbia Banking System

In related news, VP Torran B. Nixon sold 2,240 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.85, for a total transaction of $64,624.00. Following the completion of the transaction, the vice president directly owned 98,229 shares of the company’s stock, valued at approximately $2,833,906.65. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The SEC filing for this sale provides additional information. Insiders sold a total of 19,354 shares of company stock worth $561,971 over the last quarter. Company insiders own 0.68% of the company’s stock.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently made changes to their positions in COLB. Principal Financial Group Inc. grew its position in Columbia Banking System by 39.4% during the third quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider’s stock worth $17,094,000 after buying an additional 187,551 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Columbia Banking System by 145.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider’s stock worth $180,671,000 after purchasing an additional 4,157,835 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Columbia Banking System by 14.1% during the third quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock worth $193,977,000 after buying an additional 929,862 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Columbia Banking System by 45.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider’s stock worth $7,179,000 after purchasing an additional 87,627 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Columbia Banking System by 25.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock valued at $192,941,000 after buying an additional 1,497,177 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

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.