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

Columbia Banking System (NASDAQ:COLB) had its target price raised by Wells Fargo & Company from $26.00 to $28.00 in a research note released on Tuesday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other analysts have also issued reports about the stock. Barclays increased their price target on shares of Columbia Banking System from $24.00 to $25.00 and gave the company an equal weight rating in a research report on Friday, September 27th. Wedbush upgraded shares of Columbia Banking System from a neutral rating to an outperform rating and raised their target price for the company from $28.00 to $31.00 in a research note on Tuesday, September 24th. Piper Sandler reaffirmed an overweight rating and set a $27.00 target price on shares of Columbia Banking System in a research report on Wednesday, June 5th. JPMorgan Chase & Co. upped their price target on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a neutral rating in a research note on Tuesday, July 30th. Finally, StockNews.com upgraded Columbia Banking System from a sell rating to a hold rating in a research note on Wednesday, September 25th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $25.88.

Columbia Banking System Stock Up 1.3 %

Shares of NASDAQ COLB opened at $25.67 on Tuesday. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The firm has a market cap of $5.37 billion, a PE ratio of 11.02 and a beta of 0.64. The business has a fifty day simple moving average of $24.64 and a two-hundred day simple moving average of $21.30.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. Columbia Banking System’s revenue was down 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. On average, research analysts expect that Columbia Banking System will post 2.55 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders 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 5.61%. Columbia Banking System’s payout ratio is currently 61.80%.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in Columbia Banking System by 812.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock valued at $63,295,000 after acquiring an additional 2,833,744 shares during the period. Public Employees Retirement Association of Colorado increased its holdings in shares of Columbia Banking System by 3,245.7% during the 4th 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 in the last quarter. Silvercrest Asset Management Group LLC lifted its stake 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. Wellington Management Group LLP boosted its holdings in Columbia Banking System by 16.2% during the fourth 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 in the last quarter. Finally, Vanguard Group Inc. grew its position in Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock valued at $432,041,000 after buying an additional 574,509 shares during the period. Hedge funds and other 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.