Piper Sandler Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $30.00

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price objective decreased by stock analysts at Piper Sandler from $32.00 to $30.00 in a report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective indicates a potential upside of 26.64% from the stock's current price.

Several other brokerages have also recently commented on COLB. Wells Fargo & Company lifted their price objective 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. Royal Bank of Canada decreased 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 report on Thursday, April 24th. Raymond James set a $27.00 price target on Columbia Banking System and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Citigroup decreased their price objective on Columbia Banking System from $31.00 to $30.00 and set a "neutral" rating for the company in a report on Monday, January 27th. Finally, DA Davidson set a $25.00 target price on Columbia Banking System and gave the stock a "neutral" rating in a report on Thursday, April 24th. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $29.85.

Columbia Banking System Stock Performance

COLB stock traded up $0.70 on Monday, hitting $23.69. 1,817,675 shares of the company's stock were exchanged, compared to its average volume of 1,770,133. The firm has a 50 day moving average price of $23.66 and a two-hundred day moving average price of $26.87. Columbia Banking System has a 12-month low of $18.11 and a 12-month high of $32.85. The stock has a market cap of $4.98 billion, a P/E ratio of 9.33 and a beta of 0.53.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. The business had revenue of $481.92 million during the quarter, compared to the consensus estimate of $482.86 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. Sell-side analysts expect that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Torran B. Nixon sold 4,481 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the completion of the transaction, the vice president now owns 104,869 shares of the company's stock, valued at $2,725,545.31. This represents a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its stake in Columbia Banking System by 0.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 12,625,834 shares of the financial services provider's stock worth $341,024,000 after acquiring an additional 33,477 shares during the last quarter. American Century Companies Inc. increased its position in shares of Columbia Banking System by 0.8% in the 4th quarter. American Century Companies Inc. now owns 7,602,571 shares of the financial services provider's stock worth $205,345,000 after purchasing an additional 61,242 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Columbia Banking System by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,315,896 shares of the financial services provider's stock worth $197,602,000 after purchasing an additional 206,643 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Columbia Banking System by 10.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,514,816 shares of the financial services provider's stock valued at $148,956,000 after purchasing an additional 512,542 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Columbia Banking System by 9.3% during the fourth quarter. Invesco Ltd. now owns 2,456,964 shares of the financial services provider's stock worth $66,363,000 after purchasing an additional 209,774 shares during the period. 92.53% of the stock is owned by hedge funds and other institutional investors.

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.