Keefe, Bruyette & Woods Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $23.00

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price target decreased by research analysts at Keefe, Bruyette & Woods from $25.00 to $23.00 in a research note issued on Friday, Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 25.27% from the stock's previous close.

COLB has been the subject of several other reports. Truist Financial lowered their price objective on shares of Columbia Banking System from $22.00 to $20.00 and set a "hold" rating for the company in a research note on Monday. UBS Group reduced their target price on Columbia Banking System from $28.00 to $21.50 and set a "neutral" rating on the stock in a research note on Friday, January 26th. Stephens downgraded Columbia Banking System from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $31.00 to $24.00 in a report on Thursday, January 25th. Wedbush cut their price target on shares of Columbia Banking System from $29.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, January 25th. Finally, StockNews.com lowered shares of Columbia Banking System from a "hold" rating to a "sell" rating in a report on Tuesday, March 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Columbia Banking System has a consensus rating of "Hold" and an average target price of $22.81.

Columbia Banking System Price Performance

Columbia Banking System stock traded down $0.03 during trading hours on Friday, reaching $18.36. The company had a trading volume of 2,048,309 shares, compared to its average volume of 3,018,923. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 11.07 and a beta of 0.71. Columbia Banking System has a 12-month low of $17.18 and a 12-month high of $28.11. The company has a 50-day moving average price of $18.82 and a 200 day moving average price of $21.29.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.35). The firm had revenue of $519.16 million during the quarter, compared to analysts' expectations of $525.94 million. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The firm's quarterly revenue was up 52.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.93 earnings per share. As a group, research analysts expect that Columbia Banking System will post 2.29 earnings per share for the current year.

Insider Buying and Selling at Columbia Banking System

In related news, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the company's stock in a transaction dated Tuesday, February 6th. The shares were purchased at an average cost of $18.48 per share, with a total value of $49,618.80. Following the transaction, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Clint Stein acquired 9,500 shares of the business's stock in a transaction that occurred on Tuesday, January 30th. The shares were bought at an average cost of $20.96 per share, with a total value of $199,120.00. Following the transaction, the chief executive officer now owns 165,684 shares of the company's stock, valued at approximately $3,472,736.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elizabeth Whitehead Seaton acquired 2,685 shares of Columbia Banking System stock in a transaction on Tuesday, February 6th. The shares were purchased at an average price of $18.48 per share, with a total value of $49,618.80. Following the completion of the purchase, the director now owns 25,001 shares in the company, valued at approximately $462,018.48. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 35,133 shares of company stock valued at $719,737. Corporate insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors have recently made changes to their positions in COLB. EverSource Wealth Advisors LLC lifted its position in Columbia Banking System by 1,506.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 1,326 shares in the last quarter. Quarry LP purchased a new position in shares of Columbia Banking System in the fourth quarter worth $29,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Columbia Banking System during the fourth quarter valued at $32,000. Nomura Asset Management Co. Ltd. boosted its position in shares of Columbia Banking System by 152.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 1,589 shares of the financial services provider's stock valued at $34,000 after buying an additional 959 shares during the last quarter. Finally, First Pacific Financial bought a new stake in Columbia Banking System in the 4th quarter worth about $40,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

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.