Columbia Banking System (NASDAQ:COLB) Price Target Cut to $33.00 by Analysts at Royal Bank of Canada

Columbia Banking System (NASDAQ:COLB – Get Rating) had its price target decreased by investment analysts at Royal Bank of Canada from $37.00 to $33.00 in a report issued on Wednesday, The Fly reports. Royal Bank of Canada’s target price points to a potential upside of 12.44% from the company’s previous close.

Separately, StockNews.com assumed coverage on shares of Columbia Banking System in a research note on Wednesday, October 12th. They set a “hold” rating for the company.

Columbia Banking System Price Performance

Shares of COLB opened at $29.35 on Wednesday. Columbia Banking System has a fifty-two week low of $26.97 and a fifty-two week high of $37.59. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 10.23 and a beta of 0.70. The firm has a 50-day simple moving average of $30.78 and a 200-day simple moving average of $30.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.66 and a current ratio of 0.66.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in COLB. Raymond James Financial Services Advisors Inc. purchased a new position in Columbia Banking System during the first quarter worth about $484,000. PNC Financial Services Group Inc. increased its holdings in Columbia Banking System by 26.7% in the first quarter. PNC Financial Services Group Inc. now owns 5,310 shares of the financial services provider’s stock valued at $171,000 after buying an additional 1,120 shares in the last quarter. Bank of Montreal Can increased its holdings in Columbia Banking System by 2.7% in the first quarter. Bank of Montreal Can now owns 23,253 shares of the financial services provider’s stock valued at $790,000 after buying an additional 620 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Columbia Banking System by 56.3% in the first quarter. MetLife Investment Management LLC now owns 42,283 shares of the financial services provider’s stock valued at $1,364,000 after buying an additional 15,237 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Columbia Banking System by 3.4% in the first quarter. Rhumbline Advisers now owns 232,909 shares of the financial services provider’s stock valued at $7,516,000 after buying an additional 7,638 shares in the last quarter.

Columbia Banking System Company Profile

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