Columbia Banking System (NASDAQ:COLB) Downgraded to Sell at StockNews.com

StockNews.com cut shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a sell rating in a research report released on Friday morning.

A number of other brokerages have also issued reports on COLB. Piper Sandler restated an overweight rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Keefe, Bruyette & Woods upped their target price 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. Truist Financial lifted their price target on Columbia Banking System from $20.00 to $29.00 and gave the stock a hold rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on Columbia Banking System from $22.00 to $29.00 and gave the company a neutral rating in a report on Tuesday, July 30th. Finally, Stephens lifted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $25.04.

Columbia Banking System Price Performance

Shares of COLB stock opened at $25.18 on Friday. The stock’s fifty day moving average price is $22.94 and its 200 day moving average price is $20.29. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.11. The company has a market cap of $5.27 billion, a price-to-earnings ratio of 10.81 and a beta of 0.65.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly 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. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The company’s revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. 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 declared a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Friday, August 23rd will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date of this dividend is Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds have recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new position in Columbia Banking System in the 2nd quarter worth about $33,000. Fifth Third Bancorp grew its stake in Columbia Banking System by 113.4% in the 1st quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 1,047 shares during the period. Abich Financial Wealth Management LLC increased its holdings in Columbia Banking System by 85.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares in the last quarter. GAMMA Investing LLC raised 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 acquiring an additional 1,387 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings 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 valued at $52,000 after purchasing an additional 1,380 shares in 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.