Columbia Banking System (NASDAQ:COLB) Raised to "Overweight" at Stephens

Key Points

• Columbia Banking System has been upgraded to an "overweight" rating by Stephens, with a target price of $30.00, indicating a potential upside of 28.98% from its current price.
• Analysts have mixed views on the stock, with eleven maintaining a hold rating and four giving a buy rating, while the average price target stands at $28.86.
• The company showed strong quarterly earnings, reporting an EPS of $0.76, exceeding estimates, and saw an 8.2% year-over-year revenue growth.

Columbia Banking System (NASDAQ:COLB - Get Free Report) was upgraded by investment analysts at Stephens from an "equal weight" rating to an "overweight" rating in a note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage currently has a $30.00 target price on the financial services provider's stock. Stephens' price target would suggest a potential upside of 28.98% from the company's current price.

A number of other brokerages also recently issued reports on COLB. JPMorgan Chase & Co. dropped their price objective on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 1st. Raymond James Financial set a $27.00 price objective on Columbia Banking System and gave the company an "outperform" rating in a research note on Thursday, April 24th. Barclays boosted their price objective on Columbia Banking System from $27.00 to $30.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Wall Street Zen initiated coverage on Columbia Banking System in a research note on Thursday, May 22nd. They issued a "hold" rating on the stock. Finally, Piper Sandler boosted their price objective on Columbia Banking System from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Eleven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Columbia Banking System has an average rating of "Hold" and a consensus price target of $28.86.

Columbia Banking System Trading Down 2.3%

NASDAQ COLB opened at $23.26 on Monday. The business's 50-day moving average price is $23.83 and its two-hundred day moving average price is $24.60. Columbia Banking System has a 12 month low of $19.61 and a 12 month high of $32.85. The firm has a market capitalization of $4.89 billion, a PE ratio of 9.23 and a beta of 0.62.

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

Institutional Trading of Columbia Banking System

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd bought a new stake in Columbia Banking System during the 4th quarter worth approximately $29,000. Geneos Wealth Management Inc. increased its holdings in Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock worth $30,000 after purchasing an additional 794 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Columbia Banking System during the 1st quarter worth approximately $37,000. Kapitalo Investimentos Ltda bought a new stake in Columbia Banking System during the 4th quarter worth approximately $42,000. Finally, UMB Bank n.a. increased its holdings in Columbia Banking System by 141.3% during the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock worth $41,000 after purchasing an additional 958 shares in the last quarter. 92.53% of the stock is owned by 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.

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