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

Columbia Banking System (NASDAQ:COLB) had its target price increased by Raymond James from $26.00 to $28.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company lifted their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an equal weight rating in a research note on Tuesday, October 1st. Truist Financial cut their price objective on Columbia Banking System from $29.00 to $28.00 and set a hold rating on the stock in a research report on Friday, September 20th. Piper Sandler reissued an overweight rating and issued a $27.00 target price on shares of Columbia Banking System in a research report on Wednesday, June 5th. Keefe, Bruyette & Woods lifted their price target on Columbia Banking System from $23.00 to $27.00 and gave the company a market perform rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada upped 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. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $25.88.

Columbia Banking System Price Performance

NASDAQ COLB opened at $25.67 on Wednesday. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.11. The stock has a market capitalization of $5.37 billion, a PE ratio of 11.02 and a beta of 0.64. The business’s 50-day moving average is $24.62 and its 200 day moving average is $21.35.

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 for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same period last year, the company earned $0.81 EPS. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 61.80%.

Institutional Investors Weigh In On Columbia Banking System

Institutional investors have recently made changes to their positions in the company. LSV Asset Management bought a new position in Columbia Banking System in the 1st quarter valued at approximately $2,850,000. BNP Paribas Financial Markets raised its stake in shares of Columbia Banking System by 185.1% in the first quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock worth $3,363,000 after purchasing an additional 112,826 shares during the last quarter. First Hawaiian Bank lifted its holdings in shares of Columbia Banking System by 81.4% during the second quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock valued at $1,046,000 after purchasing an additional 23,597 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 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 last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Columbia Banking System by 7.6% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 420,374 shares of the financial services provider’s stock worth $8,135,000 after buying an additional 29,728 shares in the last quarter. Hedge funds and other institutional investors 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.