Piper Sandler Has Lowered Expectations for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its price target lowered by equities researchers at Piper Sandler from $32.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price suggests a potential upside of 32.04% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reduced their price target on shares of Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating on the stock in a research report on Thursday, April 24th. Barclays boosted their price target on Columbia Banking System from $27.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, April 25th. DA Davidson set a $25.00 price objective on Columbia Banking System and gave the company a “neutral” rating in a report on Thursday, April 24th. Wells Fargo & Company upped their price target on Columbia Banking System from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Finally, Royal Bank of Canada lowered their price objective on Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $29.85.

Columbia Banking System Stock Up 0.4 %

Shares of NASDAQ COLB opened at $22.72 on Monday. Columbia Banking System has a twelve month low of $18.11 and a twelve month high of $32.85. The business’s 50 day moving average price is $23.87 and its two-hundred day moving average price is $26.96. The company has a market cap of $4.77 billion, a PE ratio of 8.94 and a beta of 0.53.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $481.92 million for the quarter, compared to analyst estimates of $482.86 million. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. Columbia Banking System’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $0.65 earnings per share. As a group, research analysts anticipate that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling at Columbia Banking System

In other news, VP Torran B. Nixon sold 4,481 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total value of $116,461.19. Following the transaction, the vice president now owns 104,869 shares in the company, valued at $2,725,545.31. The trade was a 4.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.68% of the company’s stock.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently bought and sold shares of the business. TD Private Client Wealth LLC grew its stake in Columbia Banking System by 13.5% in the 1st quarter. TD Private Client Wealth LLC now owns 9,565 shares of the financial services provider’s stock valued at $239,000 after purchasing an additional 1,135 shares during the period. Envestnet Asset Management Inc. increased its holdings in Columbia Banking System by 21.4% during the first quarter. Envestnet Asset Management Inc. now owns 196,894 shares of the financial services provider’s stock worth $4,911,000 after buying an additional 34,730 shares during the last quarter. D.A. Davidson & CO. increased its holdings in Columbia Banking System by 13.5% during the first quarter. D.A. Davidson & CO. now owns 165,940 shares of the financial services provider’s stock worth $4,139,000 after buying an additional 19,692 shares during the last quarter. Principal Financial Group Inc. raised its position in Columbia Banking System by 0.4% in the first quarter. Principal Financial Group Inc. now owns 482,353 shares of the financial services provider’s stock worth $12,030,000 after acquiring an additional 1,970 shares during the period. Finally, ZWJ Investment Counsel Inc. grew its position in shares of Columbia Banking System by 23.0% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 162,561 shares of the financial services provider’s stock valued at $4,055,000 after acquiring an additional 30,425 shares during the period. 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.