Columbia Banking System (NASDAQ:COLB) PT Raised to $28.00

Columbia Banking System (NASDAQ:COLB) had its price objective lifted by Wells Fargo & Company from $26.00 to $28.00 in a report published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Several other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a research report on Friday, July 26th. Royal Bank of Canada increased their price objective on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a sector perform rating in a research note on Friday, July 26th. Truist Financial dropped their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a hold rating on the stock in a research note on Friday, September 20th. Barclays increased their price objective on shares of Columbia Banking System from $24.00 to $25.00 and gave the stock an equal weight rating in a research note on Friday, September 27th. Finally, Stephens increased their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a research note on Friday, July 26th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $25.88.

Columbia Banking System Stock Performance

Shares of COLB stock opened at $25.34 on Tuesday. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11. The company’s 50-day simple moving average is $24.62 and its 200-day simple moving average is $21.27. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 10.85 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly 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 business had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter last year, the company posted $0.81 earnings per share. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. As a group, research analysts forecast that Columbia Banking System will post 2.55 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were paid a dividend of $0.36 per share. The ex-dividend date was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.68%. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Institutional Investors Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ariadne Wealth Management LP bought a new stake in Columbia Banking System during the second quarter worth approximately $252,000. Cetera Investment Advisers raised its holdings in Columbia Banking System by 135.8% during the second quarter. Cetera Investment Advisers now owns 111,009 shares of the financial services provider’s stock worth $2,208,000 after purchasing an additional 63,932 shares in the last quarter. Creative Planning raised its holdings in Columbia Banking System by 39.2% during the second quarter. Creative Planning now owns 42,063 shares of the financial services provider’s stock worth $837,000 after purchasing an additional 11,836 shares in the last quarter. Algert Global LLC raised its holdings in Columbia Banking System by 6.2% during the second quarter. Algert Global LLC now owns 321,874 shares of the financial services provider’s stock worth $6,402,000 after purchasing an additional 18,708 shares in the last quarter. Finally, Scientech Research LLC bought a new stake in Columbia Banking System during the second quarter worth approximately $307,000. 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.