Columbia Banking System (NASDAQ:COLB) Given New $21.00 Price Target at Barclays

Columbia Banking System (NASDAQ:COLB) had its target price hoisted by investment analysts at Barclays from $20.00 to $21.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective would indicate a potential upside of 9.83% from the company’s previous close.

Several other analysts have also issued reports on the company. DA Davidson reduced their target price on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Royal Bank of Canada reduced their price objective on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. JPMorgan Chase & Co. reduced their price objective on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, April 4th. Keefe, Bruyette & Woods reduced their price objective on Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, April 5th. Finally, Citigroup reduced their price objective on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.19.

Columbia Banking System Stock Performance

COLB opened at $19.12 on Friday. The firm has a market cap of $4.00 billion, a P/E ratio of 8.21 and a beta of 0.71. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11. The business’s fifty day moving average is $18.51 and its 200-day moving average is $21.15.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. The company had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a return on equity of 11.66% and a net margin of 16.52%. Columbia Banking System’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 EPS. On average, research analysts predict that Columbia Banking System will post 2.25 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Aaron James Deer purchased 2,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average cost of $19.32 per share, with a total value of $38,640.00. Following the completion of the purchase, the insider now owns 36,850 shares of the company’s stock, valued at approximately $711,942. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Aaron James Deer acquired 2,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was bought at an average cost of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the transaction, the insider now directly owns 36,850 shares of the company’s stock, valued at $711,942. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the stock in a transaction dated Tuesday, February 6th. The shares were bought at an average price of $18.48 per share, with a total value of $49,618.80. Following the completion of the transaction, the director now directly owns 25,001 shares of the company’s stock, valued at $462,018.48. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 35,133 shares of company stock valued at $719,737. 0.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds have recently made changes to their positions in the stock. Keeley Teton Advisors LLC increased its holdings in Columbia Banking System by 11.0% in the third quarter. Keeley Teton Advisors LLC now owns 405,480 shares of the financial services provider’s stock worth $8,231,000 after purchasing an additional 40,215 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in Columbia Banking System by 1,633.4% in the third quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock worth $25,936,000 after purchasing an additional 1,203,933 shares in the last quarter. American Century Companies Inc. increased its holdings in Columbia Banking System by 32.5% in the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after purchasing an additional 967,009 shares in the last quarter. First Hawaiian Bank increased its holdings in Columbia Banking System by 12.3% in the fourth quarter. First Hawaiian Bank now owns 20,062 shares of the financial services provider’s stock worth $535,000 after purchasing an additional 2,200 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in Columbia Banking System by 21.4% in the fourth quarter. Nordea Investment Management AB now owns 146,066 shares of the financial services provider’s stock worth $3,910,000 after purchasing an additional 25,771 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

About Columbia Banking System

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.