TD Cowen Forecasts Strong Price Appreciation for Columbia Banking System (NASDAQ:COLB) Stock

Columbia Banking System (NASDAQ:COLB) had its target price hoisted by analysts at TD Cowen from $28.00 to $32.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. TD Cowen’s price objective would indicate a potential upside of 8.99% from the company’s current price.

Several other equities analysts have also commented on COLB. Zacks Research lowered shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 16th. UBS Group reiterated a “neutral” rating and set a $30.00 price target on shares of Columbia Banking System in a research report on Tuesday. Barclays lifted their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a research report on Monday, December 29th. Finally, Raymond James Financial raised Columbia Banking System from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $27.00 to $31.00 in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have given a Hold 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 $29.92.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $29.36 on Wednesday. The firm has a market cap of $8.78 billion, a PE ratio of 13.23 and a beta of 0.60. The stock’s fifty day moving average price is $27.92 and its two-hundred day moving average price is $26.24. Columbia Banking System has a one year low of $19.61 and a one year high of $29.70.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. The firm had revenue of $348.47 million during the quarter. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%. Sell-side analysts expect that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC increased its holdings in Columbia Banking System by 612.8% in the 3rd 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 bought a new stake in shares of Columbia Banking System during the third quarter worth about $28,000. Quent Capital LLC acquired a new position in shares of Columbia Banking System in the third quarter valued at approximately $29,000. First Horizon Corp acquired a new position in shares of Columbia Banking System in the third quarter valued at approximately $31,000. Finally, Geneos Wealth Management Inc. raised 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 valued at $30,000 after buying an additional 794 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

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.