Brokerages Set Columbia Banking System, Inc. (NASDAQ:COLB) Price Target at $25.04

Columbia Banking System, Inc. (NASDAQ:COLB) has been given a consensus recommendation of “Hold” by the thirteen research firms that are covering the company, Marketbeat reports. Eleven investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $25.04.

Several equities research analysts have recently issued reports on the stock. Wedbush lifted their price objective on shares of Columbia Banking System from $20.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on shares of Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods lifted 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 note on Friday, July 26th. Piper Sandler reiterated an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Finally, StockNews.com lowered shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Friday, August 30th.

Hedge Funds Weigh In On Columbia Banking System

A number of institutional investors have recently modified their holdings of COLB. Picton Mahoney Asset Management acquired a new position in Columbia Banking System during the second quarter worth approximately $33,000. Fifth Third Bancorp increased its position in Columbia Banking System by 113.4% during the first quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 1,047 shares during the last quarter. Abich Financial Wealth Management LLC increased its position in Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,020 shares during the last quarter. GAMMA Investing LLC increased its position in Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,387 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,380 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Trading Down 2.5 %

Columbia Banking System stock opened at $23.64 on Monday. The stock has a market cap of $4.95 billion, a P/E ratio of 10.15 and a beta of 0.64. The company has a fifty day simple moving average of $23.35 and a 200-day simple moving average of $20.46. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.11.

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 (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 EPS. As a group, sell-side analysts forecast that Columbia Banking System will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Friday, August 23rd will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.09%. The ex-dividend date is Friday, August 23rd. Columbia Banking System’s dividend payout ratio is presently 61.80%.

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.