Columbia Banking System’s (COLB) “Neutral” Rating Reiterated at Wedbush

Columbia Banking System (NASDAQ:COLB)‘s stock had its “neutral” rating reissued by Wedbush in a research report issued on Friday, Benzinga reports. They presently have a $20.00 price objective on the financial services provider’s stock. Wedbush’s price objective would suggest a potential upside of 4.60% from the company’s previous close. Wedbush also issued estimates for Columbia Banking System’s Q3 2024 earnings at $0.58 EPS and FY2025 earnings at $2.65 EPS.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada lowered their target price on shares of Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating for the company in a report on Tuesday, April 9th. TheStreet downgraded shares of Columbia Banking System from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 target price for the company. in a report on Thursday, January 25th. Wells Fargo & Company lowered their target price on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. Finally, DA Davidson lowered their target price on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and a consensus target price of $22.19.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $19.12 on Friday. The company has a market cap of $4.00 billion, a PE ratio of 8.21 and a beta of 0.71. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.11. The company has a 50-day simple moving average of $18.51 and a 200-day simple moving average of $21.15.

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

Insider Transactions at Columbia Banking System

In other news, VP Christopher Merrywell bought 5,000 shares of Columbia Banking System stock in a transaction dated Tuesday, January 30th. The shares were acquired at an average cost of $21.09 per share, with a total value of $105,450.00. Following the completion of the transaction, the vice president now owns 50,727 shares in the company, valued at approximately $1,069,832.43. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Elizabeth Whitehead Seaton bought 2,685 shares of Columbia Banking System stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, with a total value of $49,618.80. Following the completion of the transaction, the director now owns 25,001 shares in the company, valued at approximately $462,018.48. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Christopher Merrywell bought 5,000 shares of Columbia Banking System stock in a transaction dated Tuesday, January 30th. The shares were purchased at an average cost of $21.09 per share, for a total transaction of $105,450.00. Following the completion of the transaction, the vice president now owns 50,727 shares of the company’s stock, valued at approximately $1,069,832.43. 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. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Columbia Banking System

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Columbia Banking System by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,753,210 shares of the financial services provider’s stock valued at $580,376,000 after acquiring an additional 123,120 shares in the last quarter. Franklin Resources Inc. raised its holdings in Columbia Banking System by 9.9% in the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock valued at $207,809,000 after acquiring an additional 700,643 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Columbia Banking System by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,079,502 shares of the financial services provider’s stock valued at $143,714,000 after acquiring an additional 26,010 shares in the last quarter. Wellington Management Group LLP raised its holdings in Columbia Banking System by 16.2% in the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after acquiring an additional 637,212 shares in the last quarter. Finally, American Century Companies Inc. raised 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 valued at $79,980,000 after acquiring an additional 967,009 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

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.