Columbia Banking System (NASDAQ:COLB) Downgraded to Equal Weight Rating by Wells Fargo & Company

Columbia Banking System (NASDAQ:COLB - Get Free Report) was downgraded by Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a report issued on Thursday, MarketBeat.com reports. They currently have a $27.00 target price on the financial services provider's stock, down from their prior target price of $29.00. Wells Fargo & Company's target price indicates a potential upside of 9.09% from the stock's current price.

Several other brokerages also recently commented on COLB. JPMorgan Chase & Co. lowered their target price on shares of Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating for the company in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods lowered their target price on shares of Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating for the company in a research note on Thursday, April 24th. DA Davidson upped their target price on shares of Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Piper Sandler lowered their target price on shares of Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Finally, Wall Street Zen initiated coverage on shares of Columbia Banking System in a research report on Thursday, May 22nd. They set a "hold" rating for the company. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $28.79.

Columbia Banking System Stock Down 1.7%

NASDAQ COLB traded down $0.43 during trading hours on Thursday, hitting $24.75. The company's stock had a trading volume of 3,584,954 shares, compared to its average volume of 1,820,534. The stock has a fifty day moving average of $23.89 and a 200 day moving average of $24.96. Columbia Banking System has a twelve month low of $19.61 and a twelve month high of $32.85. The firm has a market capitalization of $5.20 billion, a P/E ratio of 10.49 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The business had revenue of $481.92 million for the quarter, compared to analyst estimates of $482.86 million. During the same period in the prior year, the business posted $0.65 earnings per share. Columbia Banking System's revenue was up 3.7% compared to the same quarter last year. On average, analysts predict that Columbia Banking System will post 2.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Quad Cities Investment Group LLC grew its position in Columbia Banking System by 7.8% in the second quarter. Quad Cities Investment Group LLC now owns 36,205 shares of the financial services provider's stock valued at $846,000 after purchasing an additional 2,623 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Columbia Banking System by 90.9% in the second quarter. Farther Finance Advisors LLC now owns 8,433 shares of the financial services provider's stock valued at $197,000 after acquiring an additional 4,015 shares during the last quarter. UMB Bank n.a. lifted its stake in Columbia Banking System by 38.1% in the second quarter. UMB Bank n.a. now owns 2,259 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 623 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Columbia Banking System by 10.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 45,326 shares of the financial services provider's stock valued at $1,158,000 after acquiring an additional 4,374 shares during the last quarter. Finally, Gilman Hill Asset Management LLC lifted its stake in Columbia Banking System by 3.9% in the second quarter. Gilman Hill Asset Management LLC now owns 287,427 shares of the financial services provider's stock valued at $6,720,000 after acquiring an additional 10,853 shares during the last quarter. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Company Profile

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.