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

Columbia Banking System (NASDAQ:COLB) had its price target lowered by Truist Financial from $29.00 to $28.00 in a research note released on Friday, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on COLB. Royal Bank of Canada raised their price target on 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. Keefe, Bruyette & Woods raised their price target on 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. StockNews.com downgraded Columbia Banking System from a hold rating to a sell rating in a research note on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on 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, Barclays lifted their target price on Columbia Banking System from $21.00 to $24.00 and gave the company an equal weight rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $24.96.

Columbia Banking System Price Performance

COLB stock opened at $25.74 on Friday. The firm has a market capitalization of $5.39 billion, a P/E ratio of 11.05 and a beta of 0.64. The business’s 50-day moving average is $24.31 and its two-hundred day moving average is $20.95. 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 issued its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same quarter last year, the company earned $0.81 EPS. The business’s quarterly revenue was down 9.8% on a year-over-year basis. On average, analysts expect that Columbia Banking System will post 2.55 EPS for the current year.

Columbia Banking System Dividend Announcement

The company 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. This represents a $1.44 annualized dividend and a yield of 5.59%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s payout ratio is currently 61.80%.

Institutional Trading of Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its position in shares of Columbia Banking System by 17.8% during the 4th quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 595 shares during the period. Retirement Systems of Alabama raised its position in shares of Columbia Banking System by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after purchasing an additional 700 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Columbia Banking System by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock worth $2,460,000 after purchasing an additional 900 shares during the period. Abich Financial Wealth Management LLC raised its position in shares of Columbia Banking System by 85.1% during the 1st 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 period. Finally, Arizona State Retirement System raised its position in shares of Columbia Banking System by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 58,406 shares of the financial services provider’s stock worth $1,162,000 after purchasing an additional 1,085 shares during the period. Institutional investors and hedge funds 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.