Columbia Banking System (NASDAQ:COLB) PT Raised to $27.00

Columbia Banking System (NASDAQ:COLB) had its price objective raised by Keefe, Bruyette & Woods from $23.00 to $27.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on COLB. Barclays increased their price target on shares of Columbia Banking System from $20.00 to $21.00 and gave the company an equal weight rating in a report on Friday, April 26th. Piper Sandler reiterated an overweight rating and set a $27.00 target price on shares of Columbia Banking System in a report on Wednesday, June 5th. StockNews.com raised Columbia Banking System from a sell rating to a hold rating in a report on Wednesday, July 24th. Wells Fargo & Company reduced their price objective on shares of Columbia Banking System from $25.00 to $22.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada dropped their target price on Columbia Banking System from $25.00 to $21.00 and set a sector perform rating for the company in a research note on Tuesday, April 9th. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Columbia Banking System currently has a consensus rating of Hold and a consensus price target of $24.50.

Columbia Banking System Stock Performance

Shares of COLB opened at $26.12 on Friday. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.11. The firm has a 50-day simple moving average of $20.26 and a 200-day simple moving average of $19.81. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 11.21 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS 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 10.89%. The company had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter last year, the business earned $0.81 EPS. The business’s revenue was down 9.8% on a year-over-year basis. Equities research analysts forecast that Columbia Banking System will post 2.45 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.51%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s payout ratio is 61.80%.

Institutional Trading of Columbia Banking System

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its position in Columbia Banking System by 18.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 55,708 shares of the financial services provider’s stock valued at $1,486,000 after buying an additional 8,653 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Columbia Banking System by 78.7% during the 4th quarter. Pacer Advisors Inc. now owns 31,359 shares of the financial services provider’s stock valued at $837,000 after buying an additional 13,814 shares during the last quarter. Caprock Group LLC boosted its stake in Columbia Banking System by 2.3% during the 4th quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock valued at $925,000 after acquiring an additional 781 shares during the last quarter. Oak Thistle LLC acquired a new position in Columbia Banking System in the fourth quarter worth about $1,037,000. Finally, Sowell Financial Services LLC grew its position in shares of Columbia Banking System by 39.8% in the 4th quarter. Sowell Financial Services LLC now owns 49,766 shares of the financial services provider’s stock worth $1,328,000 after acquiring an additional 14,160 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Company Profile

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.