Columbia Banking System (NASDAQ:COLB) Stock Gets Price Target Boost from Barclays

Key Points

• Barclays raised its price target for Columbia Banking System from $32 to $34 while maintaining an “equal weight” rating, implying about 9.7% upside.
• Analyst sentiment remains mixed, with five Buy ratings and nine Holds; the consensus rating is “Hold” with an average price target of $33.62.
• Columbia Banking System exceeded quarterly expectations, reporting $0.82 in EPS versus $0.77 expected and $702 million in revenue, up 19.4% year over year.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price target raised by equities researchers at Barclays from $32.00 to $34.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Barclays's price target points to a potential upside of 9.69% from the stock's current price.

Several other research firms have also issued reports on COLB. Keefe, Bruyette & Woods upped their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Weiss Ratings upgraded Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Deutsche Bank Aktiengesellschaft started coverage on Columbia Banking System in a research report on Tuesday, October 13th. They set a "hold" rating and a $32.00 price target on the stock. DA Davidson upgraded Columbia Banking System from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $33.00 to $36.00 in a research note on Tuesday, September 1st. Finally, Wells Fargo & Company cut their price objective on Columbia Banking System from $34.00 to $32.00 and set an "equal weight" rating for the company in a report on Wednesday, September 30th. Five investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $33.62.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $31.00 on Tuesday. The company's 50-day moving average price is $29.63 and its two-hundred day moving average price is $29.88. Columbia Banking System has a one year low of $25.51 and a one year high of $33.67. The stock has a market capitalization of $8.77 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 0.87 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The company had revenue of $702.00 million during the quarter, compared to the consensus estimate of $687.74 million. Columbia Banking System had a net margin of 22.83% and a return on equity of 11.93%. The company's quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 EPS. On average, analysts anticipate that Columbia Banking System will post 3.07 earnings per share for the current fiscal year.

Insider Transactions at Columbia Banking System

In related news, Director Steven Gardner sold 10,522 shares of the firm's stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $31.23, for a total value of $328,602.06. Following the completion of the sale, the director directly owned 2,577 shares in the company, valued at approximately $80,479.71. This trade represents a 80.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.57% of the company's stock.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Columbia Banking System during the 2nd quarter worth approximately $880,443,000. Dimensional Fund Advisors LP increased its holdings in shares of Columbia Banking System by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider's stock worth $371,656,000 after purchasing an additional 408,087 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Columbia Banking System in the second quarter valued at approximately $120,867,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Columbia Banking System in the second quarter valued at approximately $68,906,000. Finally, Pzena Investment Management LLC acquired a new stake in shares of Columbia Banking System in the second quarter valued at approximately $68,245,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.

Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.

Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.

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