Columbia Banking System (NASDAQ:COLB) Price Target Raised to $28.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised the price target for Columbia Banking System (NASDAQ:COLB) from $27.00 to $28.00, indicating a potential upside of 15.35% from its previous close.
• Columbia Banking System's stock has experienced a 1.2% decline, trading at $24.27, with an average target price across analysts at $28.93.
• Institutional investors hold a significant interest in Columbia Banking System, owning 92.53% of the company's stock, highlighting strong institutional backing.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its target price lifted by research analysts at Wells Fargo & Company from $27.00 to $28.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price target would indicate a potential upside of 20.38% from the company's current price.

Other equities research analysts have also issued research reports about the stock. Piper Sandler boosted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Royal Bank Of Canada lowered their price objective on Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Wall Street Zen started coverage on Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating for the company. Jefferies Financial Group started coverage on Columbia Banking System in a research note on Wednesday, May 21st. They issued a "hold" rating and a $27.00 price target on the stock. Finally, DA Davidson increased their price objective on Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Columbia Banking System presently has a consensus rating of "Hold" and an average price target of $28.93.

Columbia Banking System Trading Down 2.3%

COLB traded down $0.54 on Tuesday, reaching $23.26. The stock had a trading volume of 2,005,846 shares, compared to its average volume of 2,560,688. The business's 50-day moving average price is $23.83 and its two-hundred day moving average price is $24.65. The company has a market cap of $4.89 billion, a P/E ratio of 9.23 and a beta of 0.62. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.85.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.10. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%. The company had revenue of $511.55 million during the quarter, compared to analysts' expectations of $492.00 million. During the same quarter in the prior year, the firm posted $0.67 EPS. Columbia Banking System's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, analysts predict that Columbia Banking System will post 2.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of COLB. Aster Capital Management DIFC Ltd purchased a new position in Columbia Banking System during the 4th quarter valued at about $29,000. Geneos Wealth Management Inc. boosted its stake in shares of Columbia Banking System by 194.6% in the first 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 period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Columbia Banking System in the first quarter valued at approximately $37,000. UMB Bank n.a. increased its stake 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 buying an additional 958 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Columbia Banking System during the 4th quarter worth approximately $42,000. 92.53% of the stock is currently owned by hedge funds and other 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.