Truist Financial Boosts Columbia Banking System (NASDAQ:COLB) Price Target to $30.00

Columbia Banking System (NASDAQ:COLB) had its price target hoisted by Truist Financial from $28.00 to $30.00 in a research note published on Monday, Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on COLB. JPMorgan Chase & Co. reduced their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Stephens boosted their target price on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods raised their price target on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Finally, Wells Fargo & Company raised their target price on Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Friday. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Columbia Banking System presently has a consensus rating of “Hold” and an average target price of $27.12.

Columbia Banking System Stock Up 3.1 %

NASDAQ:COLB opened at $28.77 on Monday. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.88. The stock’s 50-day moving average price is $25.58 and its 200-day moving average price is $22.34. The stock has a market capitalization of $6.02 billion, a PE ratio of 12.35 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.62 by $0.07. The company had revenue of $765.06 million for the quarter, compared to analyst estimates of $478.80 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. During the same period last year, the company earned $0.79 earnings per share. Sell-side analysts expect that Columbia Banking System will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

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. This represents a $1.44 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is currently 61.80%.

Institutional Trading of Columbia Banking System

Hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund lifted its holdings in Columbia Banking System by 33.6% in the third quarter. New York State Common Retirement Fund now owns 601,470 shares of the financial services provider’s stock valued at $15,704,000 after acquiring an additional 151,285 shares during the last quarter. US Bancorp DE lifted its stake in shares of Columbia Banking System by 7.2% in the 3rd quarter. US Bancorp DE now owns 69,805 shares of the financial services provider’s stock valued at $1,823,000 after purchasing an additional 4,675 shares during the last quarter. Sippican Capital Advisors lifted its stake in shares of Columbia Banking System by 0.5% in the 3rd quarter. Sippican Capital Advisors now owns 111,172 shares of the financial services provider’s stock valued at $2,903,000 after purchasing an additional 552 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of Columbia Banking System by 1.5% during the 3rd quarter. New York State Teachers Retirement System now owns 288,387 shares of the financial services provider’s stock worth $7,530,000 after purchasing an additional 4,123 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in shares of Columbia Banking System by 2.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 49,063 shares of the financial services provider’s stock worth $1,281,000 after purchasing an additional 1,110 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

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.