Columbia Banking System, Inc. (NASDAQ:COLB) Receives $40.17 Consensus Price Target from Brokerages

Columbia Banking System, Inc. (NASDAQ:COLB) has been assigned an average recommendation of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $40.17.

A number of research analysts recently commented on the stock. Stephens lowered their price objective on shares of Columbia Banking System from $40.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 13th. Zacks Investment Research upgraded Columbia Banking System from a “strong sell” rating to a “hold” rating in a report on Monday, January 10th. DA Davidson upgraded shares of Columbia Banking System from a “neutral” rating to a “buy” rating and raised their price target for the company from $39.00 to $41.00 in a report on Wednesday, October 13th. Raymond James cut their target price on shares of Columbia Banking System from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Monday, November 1st. Finally, Royal Bank of Canada lowered their price target on Columbia Banking System from $42.00 to $38.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 13th.

In related news, Director Tom Hulbert purchased 11,073 shares of the stock in a transaction dated Friday, November 26th. The stock was bought at an average cost of $32.21 per share, with a total value of $356,661.33. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its position in Columbia Banking System by 3.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 61,887 shares of the financial services provider’s stock worth $2,386,000 after acquiring an additional 2,254 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Columbia Banking System by 17.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,456 shares of the financial services provider’s stock worth $365,000 after acquiring an additional 1,402 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in Columbia Banking System by 6.6% during the 2nd quarter. Mutual of America Capital Management LLC now owns 10,198 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 632 shares during the last quarter. Rafferty Asset Management LLC boosted its position in Columbia Banking System by 24.0% during the 2nd quarter. Rafferty Asset Management LLC now owns 56,994 shares of the financial services provider’s stock worth $2,198,000 after acquiring an additional 11,034 shares during the last quarter. Finally, Citigroup Inc. boosted its position in Columbia Banking System by 83.7% during the 2nd quarter. Citigroup Inc. now owns 85,282 shares of the financial services provider’s stock worth $3,288,000 after acquiring an additional 38,866 shares during the last quarter. 84.14% of the stock is owned by institutional investors and hedge funds.

NASDAQ COLB opened at $36.95 on Wednesday. The firm’s 50 day moving average price is $34.01 and its two-hundred day moving average price is $35.42. Columbia Banking System has a twelve month low of $30.09 and a twelve month high of $50.68. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 12.08 and a beta of 0.75.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Wednesday, October 27th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Columbia Banking System had a return on equity of 9.41% and a net margin of 35.50%. The business had revenue of $132.54 million for the quarter, compared to the consensus estimate of $150.88 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. Columbia Banking System’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, equities research analysts expect that Columbia Banking System will post 2.81 earnings per share for the current fiscal year.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company, which engages in the provision of financial services. It specializes in personal, business, and wealth management. It offers checking and savings accounts; debit and credit cards; digital banking; personal loans; home loans; foreign currency; professional banking; treasury management; merchant card services; international banking; financial services; private banking; and trust and investment services.

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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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