Wells Fargo & Company Forecasts Strong Price Appreciation for Columbia Banking System (NASDAQ:COLB) Stock

Columbia Banking System (NASDAQ:COLB) had its price target increased by stock analysts at Wells Fargo & Company from $28.00 to $30.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.37% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen raised Columbia Banking System from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. Citigroup lifted their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. DA Davidson increased their price target on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Finally, TD Cowen restated a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $32.19.

Columbia Banking System Trading Up 2.4%

Shares of NASDAQ:COLB opened at $27.43 on Monday. The business has a fifty day simple moving average of $29.00 and a 200 day simple moving average of $27.84. Columbia Banking System has a 1 year low of $19.61 and a 1 year high of $32.70. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 12.14 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The company had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. During the same period in the prior year, the firm posted $0.71 EPS. On average, sell-side analysts forecast that Columbia Banking System will post 2.71 EPS for the current year.

Insider Buying and Selling at Columbia Banking System

In related news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Torran B. Nixon sold 2,240 shares of Columbia Banking System stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $28.85, for a total transaction of $64,624.00. Following the completion of the transaction, the vice president owned 98,229 shares in the company, valued at $2,833,906.65. This trade represents a 2.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 19,354 shares of company stock valued at $561,971. 0.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Columbia Banking System

A number of institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Columbia Banking System by 35.4% during the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after purchasing an additional 14,824 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Columbia Banking System by 23.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock worth $2,063,000 after buying an additional 15,845 shares during the period. Millennium Management LLC lifted its holdings in shares of Columbia Banking System by 572.7% during the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after buying an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Columbia Banking System by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after buying an additional 108,994 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Columbia Banking System by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock valued at $22,128,000 after acquiring an additional 16,165 shares during the period. 92.53% of the stock is currently owned by 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.