Columbia Banking System (NASDAQ:COLB) Given New $26.00 Price Target at DA Davidson

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its target price boosted by research analysts at DA Davidson from $25.00 to $26.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. DA Davidson's target price indicates a potential upside of 9.19% from the company's previous close.

A number of other research firms also recently issued reports on COLB. Piper Sandler reduced their price objective on Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Royal Bank of Canada cut their target price on shares of Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Jefferies Financial Group initiated coverage on shares of Columbia Banking System in a research report on Wednesday, May 21st. They issued a "hold" rating and a $27.00 price target on the stock. Wells Fargo & Company upped their price target on shares of Columbia Banking System from $26.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. 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. Eleven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $29.71.

Columbia Banking System Stock Performance

Shares of COLB traded down $0.27 during mid-day trading on Tuesday, reaching $23.81. The stock had a trading volume of 715,462 shares, compared to its average volume of 1,777,221. The business has a fifty day moving average of $23.13 and a 200 day moving average of $25.86. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 9.39 and a beta of 0.63. Columbia Banking System has a 12 month low of $18.22 and a 12 month high of $32.85.

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 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. The business had revenue of $481.92 million for the quarter, compared to the consensus estimate of $482.86 million. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The business's revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 earnings per share. On average, research analysts forecast that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

A number of large investors have recently modified their holdings of the business. William Blair Investment Management LLC boosted its stake in Columbia Banking System by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 1,774,443 shares of the financial services provider's stock worth $47,928,000 after purchasing an additional 42,527 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Columbia Banking System by 158.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,851,217 shares of the financial services provider's stock worth $50,001,000 after buying an additional 1,134,544 shares during the last quarter. LPL Financial LLC lifted its stake in shares of Columbia Banking System by 29.0% during the fourth quarter. LPL Financial LLC now owns 96,670 shares of the financial services provider's stock worth $2,611,000 after buying an additional 21,713 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Columbia Banking System by 62.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider's stock valued at $55,000 after buying an additional 780 shares during the last quarter. Finally, FJ Capital Management LLC increased its position in shares of Columbia Banking System by 112.9% in the 4th quarter. FJ Capital Management LLC now owns 764,187 shares of the financial services provider's stock valued at $20,641,000 after acquiring an additional 405,309 shares during the period. Hedge funds and other institutional investors own 92.53% of the company's stock.

About Columbia Banking System

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.