Columbia Banking System, Inc. (NASDAQ:COLB) Receives $29.00 Average PT from Brokerages

Columbia Banking System, Inc. (NASDAQ:COLB) has been given an average recommendation of “Hold” by the thirteen ratings firms that are presently covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $29.31.

Several brokerages have weighed in on COLB. Truist Financial increased their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, October 28th. Keefe, Bruyette & Woods raised their target price on Columbia Banking System from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Wedbush upped their price target on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Wells Fargo & Company upgraded Columbia Banking System from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $33.00 to $35.00 in a report on Monday, January 6th. Finally, Royal Bank of Canada boosted their target price on Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its stake in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,380 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Columbia Banking System by 54.9% during the third quarter. GAMMA Investing LLC now owns 3,640 shares of the financial services provider’s stock valued at $95,000 after buying an additional 1,290 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Columbia Banking System by 1,507.6% during the third quarter. Farther Finance Advisors LLC now owns 4,855 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 4,553 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Columbia Banking System by 26.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 5,209 shares of the financial services provider’s stock worth $136,000 after acquiring an additional 1,091 shares during the last quarter. Finally, Signaturefd LLC lifted its position in Columbia Banking System by 14.0% in the 3rd quarter. Signaturefd LLC now owns 5,767 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 709 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Trading Down 3.4 %

Shares of NASDAQ COLB opened at $26.25 on Friday. The business has a 50-day moving average of $29.23 and a 200-day moving average of $26.14. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 11.36 and a beta of 0.67. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $32.85.

Columbia Banking System (NASDAQ:COLB) last announced 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. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The firm had revenue of $765.06 million for the quarter, compared to analyst estimates of $478.80 million. During the same period in the prior year, the company earned $0.79 EPS. On average, analysts predict that Columbia Banking System will post 2.63 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.49%. The ex-dividend date of this dividend was Friday, November 29th. Columbia Banking System’s payout ratio is 62.34%.

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.