Columbia Banking System (NASDAQ:COLB) Price Target Raised to $26.00

Columbia Banking System (NASDAQ:COLB) had its target price increased by Royal Bank of Canada from $21.00 to $26.00 in a research note published on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the financial services provider’s stock.

A number of other research firms have also issued reports on COLB. Keefe, Bruyette & Woods boosted their price objective on Columbia Banking System from $23.00 to $27.00 and gave the company a market perform rating in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an equal weight rating in a report on Friday. Wedbush reaffirmed a neutral rating and issued a $20.00 price objective on shares of Columbia Banking System in a report on Friday, April 26th. Barclays boosted their target price on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an equal weight rating in a research note on Friday. Finally, Truist Financial reduced their price objective on Columbia Banking System from $22.00 to $20.00 and set a hold rating for the company in a research report on Monday, April 1st. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Columbia Banking System currently has an average rating of Hold and an average target price of $23.81.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $26.99 on Friday. The company’s fifty day moving average is $20.14 and its two-hundred day moving average is $19.80. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.11. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 11.58 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.95%. The firm had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same quarter in the prior year, the business earned $0.81 earnings per share. Columbia Banking System’s quarterly revenue was down 9.8% on a year-over-year basis. Sell-side analysts expect that Columbia Banking System will post 2.45 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 24th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s payout ratio is 61.80%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Columbia Banking System during the 4th quarter worth $63,152,000. Public Employees Retirement Association of Colorado lifted its holdings in shares of Columbia Banking System by 3,245.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after purchasing an additional 838,762 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in shares of Columbia Banking System by 21.4% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after purchasing an additional 788,383 shares during the period. Franklin Resources Inc. increased its stake in Columbia Banking System by 9.9% in the 4th quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after purchasing an additional 700,643 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Columbia Banking System by 16.2% during the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after buying an additional 637,212 shares during the period. Institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

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.