Columbia Banking System (NASDAQ:COLB) Earns Hold Rating from Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage on Columbia Banking System, assigning a "hold" rating with a price target of $28.00, indicating a potential upside of 7.07% from the current stock price.
• Columbia Banking System's stock is currently rated as a "hold" by an average across multiple analysts, with a consensus price target of $29.27.
• In its latest earnings report, Columbia Banking System exceeded expectations, reporting $0.76 earnings per share, surpassing the consensus estimate by $0.10 and showing a year-over-year revenue increase of 8.2%.

Equities research analysts at TD Cowen assumed coverage on shares of Columbia Banking System (NASDAQ:COLB - Get Free Report) in a research report issued on Thursday. The brokerage set a "hold" rating and a $28.00 price target on the financial services provider's stock. TD Cowen's price target indicates a potential upside of 7.07% from the company's current price.

Several other research analysts have also recently commented on the stock. Stephens upgraded shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price target for the company in a report on Monday, August 4th. DA Davidson upped their price target on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Zacks Research cut shares of Columbia Banking System from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 16th. Piper Sandler raised their price target on shares of Columbia Banking System from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Finally, Citigroup reiterated a "neutral" rating and set a $26.00 price objective (up from $22.00) on shares of Columbia Banking System in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, Columbia Banking System currently has an average rating of "Hold" and an average price target of $29.27.

Columbia Banking System Stock Down 0.9%

Shares of NASDAQ COLB opened at $26.15 on Thursday. The company's 50-day simple moving average is $25.52 and its 200-day simple moving average is $24.27. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 10.38 and a beta of 0.66. Columbia Banking System has a 52-week low of $19.61 and a 52-week high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.10. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The firm had revenue of $511.55 million for the quarter, compared to the consensus estimate of $492.00 million. During the same period last year, the firm posted $0.67 earnings per share. The company's revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts anticipate that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Institutional Trading of Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of COLB. ProShare Advisors LLC increased its holdings in shares of Columbia Banking System by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 9,803 shares of the financial services provider's stock valued at $265,000 after purchasing an additional 671 shares during the period. Two Sigma Advisers LP bought a new stake in Columbia Banking System during the fourth quarter worth approximately $280,000. Vident Advisory LLC boosted its position in Columbia Banking System by 12.1% during the fourth quarter. Vident Advisory LLC now owns 13,290 shares of the financial services provider's stock worth $359,000 after purchasing an additional 1,436 shares during the period. GTS Securities LLC acquired a new position in shares of Columbia Banking System during the fourth quarter worth approximately $301,000. Finally, Forum Financial Management LP acquired a new position in shares of Columbia Banking System during the fourth quarter worth approximately $208,000. Institutional investors and hedge funds 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.

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