Columbia Banking System (NASDAQ:COLB) Price Target Cut to $34.00 by Analysts at Piper Sandler

Columbia Banking System (NASDAQ:COLB) had its target price cut by equities researchers at Piper Sandler from $36.00 to $34.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price points to a potential upside of 24.87% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods boosted their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. DA Davidson boosted their target price on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Wells Fargo & Company raised their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday. Weiss Ratings downgraded shares of Columbia Banking System from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 17th. Finally, Citigroup upped their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $31.88.

Columbia Banking System Price Performance

COLB stock opened at $27.23 on Thursday. The business has a 50-day moving average price of $28.97 and a 200 day moving average price of $27.84. The company has a market capitalization of $8.05 billion, a P/E ratio of 12.19 and a beta of 0.60. Columbia Banking System has a 1-year low of $19.61 and a 1-year high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The company had revenue of $715.00 million during the quarter, compared to analysts’ expectations of $693.23 million. During the same period last year, the business posted $0.71 earnings per share. On average, analysts anticipate that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Torran B. Nixon sold 2,240 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total value of $64,624.00. Following the completion of the sale, the vice president directly owned 98,229 shares of the company’s stock, valued at $2,833,906.65. The trade was a 2.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $29.43, for a total transaction of $403,926.75. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 19,354 shares of company stock worth $561,971. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Several large investors have recently made changes to their positions in COLB. AQR Capital Management LLC raised its stake in shares of Columbia Banking System by 35.4% during the first 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 worth $2,063,000 after acquiring an additional 15,845 shares during the last quarter. Millennium Management LLC boosted its stake in 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 acquiring an additional 412,674 shares during the period. Goldman Sachs Group Inc. grew its stake in Columbia Banking System by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after buying an additional 108,994 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in 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. Institutional investors and hedge funds own 92.53% of the company’s stock.

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.