Citigroup Increases Columbia Banking System (NASDAQ:COLB) Price Target to $28.00

Columbia Banking System (NASDAQ:COLB) had its price target boosted by equities research analysts at Citigroup from $26.00 to $28.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price would suggest a potential upside of 4.48% from the stock’s current price.

COLB has been the subject of a number of other reports. Stephens upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 target price for the company in a research note on Monday, August 4th. Barclays cut their target price on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Columbia Banking System in a research report on Tuesday, October 14th. Piper Sandler raised their price objective on Columbia Banking System from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Columbia Banking System from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $29.54.

Columbia Banking System Price Performance

NASDAQ COLB opened at $26.80 on Friday. Columbia Banking System has a 1-year low of $19.61 and a 1-year high of $32.85. The business has a 50 day simple moving average of $26.11 and a two-hundred day simple moving average of $24.71. The stock has a market capitalization of $5.64 billion, a PE ratio of 10.63 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 EPS for the quarter. The company had revenue of $348.47 million during the quarter. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%. On average, analysts anticipate that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently made changes to their positions in COLB. Verdence Capital Advisors LLC lifted its stake in shares of Columbia Banking System by 2.0% in the 2nd quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider’s stock valued at $484,000 after purchasing an additional 403 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Columbia Banking System by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider’s stock worth $1,464,000 after acquiring an additional 500 shares during the period. State of Michigan Retirement System boosted its stake in shares of Columbia Banking System by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider’s stock worth $1,251,000 after acquiring an additional 500 shares in the last quarter. Xponance Inc. grew its position in shares of Columbia Banking System by 2.2% during the 1st quarter. Xponance Inc. now owns 24,313 shares of the financial services provider’s stock valued at $606,000 after acquiring an additional 517 shares during the period. Finally, Mengis Capital Management Inc. grew its position in shares of Columbia Banking System by 1.1% during the 2nd quarter. Mengis Capital Management Inc. now owns 50,511 shares of the financial services provider’s stock valued at $1,181,000 after acquiring an additional 529 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

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.