Wells Fargo & Company Issues Positive Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Key Points

• Wells Fargo raised its price target on Columbia Banking System to $32 from $30, while keeping an equal weight rating. The new target implies only modest upside from the prior close.
• Other analysts remain mixed, but the overall consensus is still Hold with an average price target of $32.81. Recent updates included higher targets from Piper Sandler and JPMorgan, while UBS and Barclays maintained more cautious views.
• Columbia Banking System reported better-than-expected quarterly EPS of $0.72, helped by strong year-over-year revenue growth of 37.9%. The stock was trading near its 52-week high, and institutional ownership remains very high at 92.53%.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its target price upped by research analysts at Wells Fargo & Company from $30.00 to $32.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective would suggest a potential upside of 0.88% from the stock's previous close.

Several other equities research analysts have also recently commented on the company. UBS Group assumed coverage on Columbia Banking System in a research note on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target for the company. Barclays reduced their target price on shares of Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 7th. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research note on Wednesday. Piper Sandler increased their price target on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Columbia Banking System presently has an average rating of "Hold" and a consensus price target of $32.81.

Columbia Banking System Stock Performance

Shares of COLB opened at $31.72 on Monday. Columbia Banking System has a fifty-two week low of $22.77 and a fifty-two week high of $32.77. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of 12.64 and a beta of 0.62. The firm has a 50-day simple moving average of $30.13 and a 200-day simple moving average of $29.31.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The firm had revenue of $675.00 million for the quarter, compared to analysts' expectations of $677.34 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The firm's revenue for the quarter was up 37.9% on a year-over-year basis. Equities research analysts forecast that Columbia Banking System will post 3.08 EPS for the current year.

Insider Activity

In related news, CMO Devine David Moore sold 3,872 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares in the company, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in Columbia Banking System by 35.4% in the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock valued at $1,402,000 after purchasing an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Columbia Banking System by 23.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock valued at $2,063,000 after purchasing an additional 15,845 shares during the last quarter. Millennium Management LLC increased its position in shares of Columbia Banking System by 572.7% in the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider's stock valued at $12,089,000 after buying an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider's stock valued at $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider's stock worth $22,128,000 after buying an additional 16,165 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company's offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.

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