Wells Fargo & Company Boosts Columbia Banking System (NASDAQ:COLB) Price Target to $26.00

Columbia Banking System (NASDAQ:COLB) had its target price increased by Wells Fargo & Company from $22.00 to $26.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities analysts also recently commented on the company. Truist Financial dropped their target price 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. Royal Bank of Canada reduced their target price on Columbia Banking System from $25.00 to $21.00 and set a sector perform rating on the stock in a report on Tuesday, April 9th. Wedbush restated a neutral rating and set a $20.00 price target on shares of Columbia Banking System in a report on Friday, April 26th. Barclays upped their price objective 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, Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a report on Friday. Twelve analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Columbia Banking System presently has a consensus rating of Hold and a consensus price target of $23.81.

Columbia Banking System Trading Up 11.6 %

COLB opened at $26.99 on Friday. The company has a market cap of $5.65 billion, a P/E ratio of 11.58 and a beta of 0.66. The company’s 50 day moving average is $20.14 and its 200-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.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $476.01 million. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. On average, equities analysts forecast that Columbia Banking System will post 2.45 EPS for the current year.

Columbia Banking System Announces Dividend

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

Institutional Trading of Columbia Banking System

Several institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. lifted its stake in Columbia Banking System by 18.4% during 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 acquiring an additional 8,653 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Columbia Banking System by 78.7% during the fourth quarter. Pacer Advisors Inc. now owns 31,359 shares of the financial services provider’s stock valued at $837,000 after purchasing an additional 13,814 shares in the last quarter. Caprock Group LLC boosted its holdings in Columbia Banking System by 2.3% during the fourth quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock worth $925,000 after purchasing an additional 781 shares during the last quarter. Oak Thistle LLC bought a new stake in Columbia Banking System in the 4th quarter worth about $1,037,000. Finally, Sowell Financial Services LLC increased its stake in 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 valued at $1,328,000 after buying an additional 14,160 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

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.