Columbia Banking System (NASDAQ:COLB) Given New $32.00 Price Target at Piper Sandler

Key Points

• Piper Sandler has raised the price target for Columbia Banking System's stock to $32.00, indicating a potential upside of 29.53% from its previous close.
• Other analysts have mixed opinions, with Royal Bank of Canada lowering its target from $32.00 to $27.00 and JPMorgan Chase & Co. setting a target of $24.00.
• Columbia Banking System reported a net income of $0.76 EPS for the last quarter, surpassing estimates and showing a revenue increase of 8.2% year-over-year.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price objective hoisted by equities research analysts at Piper Sandler from $30.00 to $32.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's target price would suggest a potential upside of 29.53% from the company's previous close.

A number of other equities analysts also recently commented on the stock. Royal Bank Of Canada lowered 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 research note on Thursday, April 24th. JPMorgan Chase & Co. decreased their price objective 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. DA Davidson upped their price objective 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. Wells Fargo & Company downgraded shares of Columbia Banking System from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $29.00 to $27.00 in a research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods decreased their price objective 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. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and a consensus target price of $28.93.

Columbia Banking System Stock Performance

Shares of Columbia Banking System stock traded down $0.12 during trading hours on Monday, reaching $24.71. 852,856 shares of the company were exchanged, compared to its average volume of 1,925,332. Columbia Banking System has a 1 year low of $19.61 and a 1 year high of $32.85. The stock's fifty day moving average is $23.85 and its 200 day moving average is $24.72. The firm has a market cap of $5.19 billion, a PE ratio of 9.79 and a beta of 0.62.

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

Hedge Funds Weigh In On Columbia Banking System

Hedge funds have recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd acquired a new position in shares of Columbia Banking System in the 4th quarter valued at $29,000. Geneos Wealth Management Inc. boosted its holdings in shares of Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 794 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Columbia Banking System in the 1st quarter valued at $37,000. Kapitalo Investimentos Ltda purchased a new position in shares of Columbia Banking System in the 4th quarter valued at $42,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Columbia Banking System in the 4th quarter valued at $42,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.