Columbia Banking System (NASDAQ:COLB) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays raised its price target for Columbia Banking System from $30 to $32 while maintaining an “equal weight” rating, implying 10.76% upside from the previous close.
• Analyst sentiment remains mixed, with five Buy ratings and eight Holds, resulting in a consensus “Hold” rating and an average price target of $33.58.
• Columbia Banking System reported quarterly EPS of $0.76, exceeding estimates by $0.03, while revenue of $677 million fell short of the $687.4 million consensus forecast.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price target boosted by investment analysts at Barclays from $30.00 to $32.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Barclays's price objective would suggest a potential upside of 10.76% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. DA Davidson upgraded shares of Columbia Banking System from a "neutral" rating to a "buy" rating and increased their target price for the company from $33.00 to $36.00 in a research report on Tuesday, September 1st. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Wells Fargo & Company cut their price objective on Columbia Banking System from $34.00 to $32.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 30th. Stephens raised their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Finally, Citigroup decreased their price objective on Columbia Banking System from $32.00 to $31.00 and set a "neutral" rating for the company in a research note on Tuesday, September 22nd. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $33.58.

Columbia Banking System Stock Down 0.1%

Shares of NASDAQ:COLB traded down $0.03 during trading on Monday, reaching $28.89. 391,346 shares of the company's stock traded hands, compared to its average volume of 2,884,958. Columbia Banking System has a fifty-two week low of $23.83 and a fifty-two week high of $33.67. The company has a 50-day simple moving average of $30.49 and a 200-day simple moving average of $30.08. The firm has a market cap of $8.17 billion, a PE ratio of 11.52, a P/E/G ratio of 2.86 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period in the prior year, the company posted $0.76 EPS. On average, equities research analysts forecast that Columbia Banking System will post 3.03 EPS for the current year.

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. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Columbia Banking System in the second quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Columbia Banking System during the 2nd quarter valued at $31,000. Cedar Mountain Advisors LLC boosted its stake in shares of 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 worth $31,000 after purchasing an additional 949 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new stake in Columbia Banking System in the 4th quarter worth approximately $43,000. Finally, MBM Wealth Consultants LLC purchased a new stake in shares of Columbia Banking System in the first quarter valued at $49,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc NASDAQ: COLB is a bank holding company headquartered in Tacoma, Washington. Through its subsidiary, Umpqua Bank, the company provides a range of banking and financial services to individuals, families, businesses and institutions.

Umpqua Bank's offerings include deposit accounts, consumer and commercial lending, real estate finance, treasury management, cash management, investment services and other business banking solutions. The bank serves small and middle-market companies as well as retail customers through branches, digital banking platforms and relationship-based financial services.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.