Wells Fargo & Company Upgrades Columbia Banking System (NASDAQ:COLB) to Overweight

Columbia Banking System (NASDAQ:COLB) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, Marketbeat reports. The firm presently has a $35.00 target price on the financial services provider’s stock, up from their previous target price of $33.00. Wells Fargo & Company‘s price objective points to a potential upside of 28.68% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Raymond James upped their price target on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Barclays increased their target price on shares of Columbia Banking System from $29.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Truist Financial raised their price objective on Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, October 28th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $29.31.

Columbia Banking System Price Performance

NASDAQ COLB opened at $27.20 on Monday. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $32.85. The firm has a market capitalization of $5.70 billion, a PE ratio of 11.77 and a beta of 0.67. The company’s 50 day simple moving average is $29.34 and its 200 day simple moving average is $26.02.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.07. The company had revenue of $765.06 million for the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same period last year, the firm earned $0.79 EPS. Sell-side analysts anticipate that Columbia Banking System will post 2.63 earnings per share for the current fiscal year.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new position in Columbia Banking System in the 3rd quarter valued at approximately $288,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Columbia Banking System by 1.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,330,133 shares of the financial services provider’s stock valued at $46,346,000 after acquiring an additional 36,867 shares in the last quarter. Pathstone Holdings LLC increased its stake in shares of Columbia Banking System by 45.7% in the third quarter. Pathstone Holdings LLC now owns 120,888 shares of the financial services provider’s stock worth $3,156,000 after acquiring an additional 37,941 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Columbia Banking System by 439.5% during the third quarter. BNP Paribas Financial Markets now owns 79,877 shares of the financial services provider’s stock worth $2,086,000 after acquiring an additional 65,072 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in Columbia Banking System by 219.3% during the third quarter. Jane Street Group LLC now owns 212,889 shares of the financial services provider’s stock valued at $5,559,000 after purchasing an additional 146,219 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

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.