Piper Sandler Issues Pessimistic Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

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

Other research analysts also recently issued research reports about the stock. 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 report on Thursday, April 24th. Wells Fargo & Company boosted their price target on Columbia Banking System from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Royal Bank of Canada cut their price objective on 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. DA Davidson set a $25.00 price target on Columbia Banking System and gave the company a "neutral" rating in a research note on Thursday, April 24th. Finally, Barclays upped their price objective on shares of Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $29.85.

Columbia Banking System Stock Performance

COLB traded up $0.70 on Monday, hitting $23.69. 1,817,675 shares of the company were exchanged, compared to its average volume of 1,770,133. The stock's fifty day moving average is $23.66 and its 200-day moving average is $26.87. Columbia Banking System has a 12 month low of $18.11 and a 12 month high of $32.85. The company has a market cap of $4.98 billion, a PE ratio of 9.33 and a beta of 0.53.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The company had revenue of $481.92 million for the quarter, compared to analysts' expectations of $482.86 million. During the same quarter in the prior year, the business posted $0.65 EPS. The business's revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts expect that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Insider Activity

In other Columbia Banking System news, VP Torran B. Nixon sold 4,481 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total transaction of $116,461.19. Following the transaction, the vice president now owns 104,869 shares in the company, valued at $2,725,545.31. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.68% of the stock is owned by company insiders.

Institutional Trading of Columbia Banking System

A number of institutional investors have recently modified their holdings of COLB. Janney Montgomery Scott LLC raised its stake in Columbia Banking System by 3.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 122,274 shares of the financial services provider's stock valued at $3,303,000 after purchasing an additional 4,408 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Columbia Banking System by 2.0% in the 4th quarter. Pacer Advisors Inc. now owns 31,238 shares of the financial services provider's stock valued at $844,000 after buying an additional 612 shares during the period. William Blair Investment Management LLC raised its position in shares of 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 valued at $47,928,000 after buying an additional 42,527 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Columbia Banking System by 82.0% during the 4th quarter. Nordea Investment Management AB now owns 391,286 shares of the financial services provider's stock worth $10,592,000 after acquiring an additional 176,334 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Columbia Banking System by 15.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 716,673 shares of the financial services provider's stock worth $18,712,000 after acquiring an additional 97,498 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.