Raymond James cuts Columbia Banking System (NASDAQ:COLB) price target to $34.00

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Colombian banking system (NASDAQ:COLBGet a rating) saw its target price drop by analysts Raymond James from $38.00 to $34.00 in a research note released Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on shares of the financial services provider. Raymond James’ target price suggests a potential upside of 15.14% from the current share price.

Other equity research analysts have also recently released reports on the company. Piper Sandler cut its price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 report. Royal Bank of Canada raised its price target on Columbia Banking System from $35.00 to $36.00 and gave the company an “sector performance” rating in a Friday, April 22 report. To finish, StockNews.com launched a coverage on Columbia Banking System in a Thursday, March 31 report. They have placed a “holding” rating on the stock. Four equity research analysts gave the stock a hold rating and two gave the stock a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $34.80.

COLB Stock opened at $29.53 on Thursday. The company’s 50-day simple moving average is $29.07 and its 200-day simple moving average is $32.18. The company has a market capitalization of $2.32 billion, a PE ratio of 10.55 and a beta of 0.67. Columbia Banking System has a 12-month low of $26.97 and a 12-month high of $40.78.

Colombian banking system (NASDAQ:COLBGet a rating) last released its quarterly earnings data on Thursday, April 21. The financial services provider reported earnings per share of $0.81 for the quarter, beating consensus analyst estimates of $0.66 by $0.15. The company posted revenue of $170.38 million for the quarter, versus a consensus estimate of $166.09 million. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. The company’s quarterly revenue increased 15.8% year over year. In the same period a year earlier, the company had earned earnings per share of $0.73. Research analysts predict Columbia Banking System will post an EPS of 2.63 for the current fiscal year.

In related news, CFO Aaron James Cerf acquired 3,000 shares of the company in a transaction that took place on Monday, May 2. The shares were purchased at an average price of $28.00 per share, for a total transaction of $84,000.00. As a result of the transaction, the CFO now directly owns 15,427 shares of the company, valued at approximately $431,956. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. Additionally, director Craig D. Eerkes acquired 1,694 shares of the company in a transaction that took place on Friday, June 10. The stock was purchased at an average price of $28.52 per share, with a total value of $48,312.88. As a result of the transaction, the administrator now directly owns 20,227 shares of the company, valued at $576,874.04. Disclosure of this purchase can be found here. Insiders have purchased a total of 5,713 shares of the company worth $158,593 over the past three months. 0.62% of the shares are held by insiders of the company.

Hedge funds have recently been buying and selling stocks. Earnest Partners LLC bought a new position in Columbia Banking System in Q4 worth approximately $27,000. Covestor Ltd purchased a new stake in shares of Columbia Banking System during Q4 for $28,000. Meeder Asset Management Inc. purchased a new equity stake in Columbia Banking System during Q1 for $41,000. Pinebridge Investments LP bought a new stake in shares of Columbia Banking System during the 4th quarter at a value of $69,000. Finally, Howe & Rusling Inc. purchased a new equity stake in Columbia Banking System during Q1 for $88,000. Hedge funds and other institutional investors hold 94.44% of the company’s shares.

About the Columbia Banking System (Get a rating)

Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.

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