Columbia Banking System (NASDAQ:COLB) Stock Price Target Lowered at TD Cowen

Key Points

• TD Cowen lowered Columbia Banking System’s price target from $34 to $32 while maintaining a “hold” rating, implying approximately 10.8% upside from the prior close.
• Analyst sentiment remains mixed but leans neutral: five analysts rate the stock a Buy and eight rate it Hold, producing an average rating of “Hold” and an average price target of $33.42.
• COLB closed at $28.88, down 0.1%, while the company’s latest quarterly earnings of $0.76 per share exceeded estimates of $0.73; institutional investors own 92.53% of its shares.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price target dropped by stock analysts at TD Cowen from $34.00 to $32.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the financial services provider's stock. TD Cowen's price target would suggest a potential upside of 10.79% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Weiss Ratings lowered shares of Columbia Banking System from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Citigroup decreased their price objective on shares of 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. Stephens raised their price objective on Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Zacks Research raised Columbia Banking System from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Finally, Royal Bank Of Canada raised their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $33.42.

Columbia Banking System Stock Down 0.1%

COLB traded down $0.04 on Monday, reaching $28.88. The company's stock had a trading volume of 262,351 shares, compared to its average volume of 2,883,997. The stock has a 50 day moving average of $30.49 and a two-hundred day moving average of $30.08. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 2.86 and a beta of 0.66. Columbia Banking System has a fifty-two week low of $23.83 and a fifty-two week high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.73 by $0.03. The company had revenue of $677.00 million for the quarter, compared to analysts' expectations of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter last year, the company earned $0.76 earnings per share. As a group, analysts anticipate that Columbia Banking System will post 3.03 earnings per share for the current fiscal year.

Institutional Trading of Columbia Banking System

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Columbia Banking System during the second quarter worth about $29,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Columbia Banking System in the second quarter valued at about $31,000. Cedar Mountain Advisors LLC boosted its holdings in Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 949 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new stake in Columbia Banking System in the 4th quarter valued at approximately $43,000. Finally, MBM Wealth Consultants LLC acquired a new position in Columbia Banking System during the 1st quarter worth approximately $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.

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