Piper Sandler Lowers Columbia Banking System (NASDAQ:COLB) Price Target to $34.00

Columbia Banking System (NASDAQ:COLB) had its price target decreased by research analysts at Piper Sandler from $36.00 to $34.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 22.61% from the stock’s previous close.

COLB has been the topic of several other reports. Wells Fargo & Company raised their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods upped their price objective on Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. UBS Group reaffirmed a “neutral” rating and set a $33.00 price objective on shares of Columbia Banking System in a research note on Wednesday, February 4th. Royal Bank Of Canada lifted their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, January 23rd. Finally, Barclays boosted their target price on shares of Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $31.88.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $27.73 on Thursday. The firm’s fifty day moving average is $28.91 and its two-hundred day moving average is $27.86. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of 12.27 and a beta of 0.61. Columbia Banking System has a one year low of $19.61 and a one year high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The business had revenue of $715.00 million during the quarter, compared to analyst estimates of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same quarter last year, the business posted $0.71 EPS. As a group, equities research analysts predict that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Torran B. Nixon sold 2,240 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.85, for a total value of $64,624.00. Following the completion of the sale, the vice president directly owned 98,229 shares in the company, valued at $2,833,906.65. The trade was a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The SEC filing for this sale provides additional information. Insiders sold 19,354 shares of company stock valued at $561,971 over the last 90 days. Company insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COLB. True Wealth Design LLC increased its stake in shares of Columbia Banking System by 612.8% during the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 864 shares in the last quarter. West Oak Capital LLC purchased a new position in Columbia Banking System in the 3rd quarter valued at about $28,000. Quent Capital LLC acquired a new stake in Columbia Banking System in the 3rd quarter worth about $29,000. Geneos Wealth Management Inc. boosted its holdings in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after buying an additional 794 shares during the last quarter. Finally, First Horizon Corp purchased a new stake in Columbia Banking System during the 3rd quarter worth approximately $31,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.