Keefe, Bruyette & Woods Increases Columbia Banking System (NASDAQ:COLB) Price Target to $34.00

Columbia Banking System (NASDAQ:COLB) had its price objective upped by Keefe, Bruyette & Woods from $30.00 to $34.00 in a report issued on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

COLB has been the subject of a number of other reports. Truist Financial lifted their target price on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, October 28th. Raymond James lifted their target price on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. decreased their target price on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. 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 lifted their target price on Columbia Banking System from $30.00 to $33.00 and gave the company an “equal weight” rating in a research note on Tuesday. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and an average target price of $28.19.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $30.19 on Wednesday. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 13.07 and a beta of 0.64. Columbia Banking System has a one year low of $17.08 and a one year high of $32.85. The stock has a 50-day simple moving average of $28.86 and a 200 day simple moving average of $24.53.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $765.06 million during the quarter, compared to the consensus estimate of $478.80 million. During the same period last year, the firm earned $0.79 earnings per share. On average, equities research analysts forecast that Columbia Banking System will post 2.63 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, November 29th. This represents a $1.44 annualized dividend and a yield of 4.77%. Columbia Banking System’s payout ratio is 62.34%.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new stake in Columbia Banking System during the second quarter worth approximately $33,000. GAMMA Investing LLC raised its holdings 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 purchasing an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC raised 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 worth $52,000 after purchasing an additional 1,380 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Columbia Banking System by 137,166.7% during the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 4,115 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in Columbia Banking System by 44.1% during the second quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 1,548 shares in the last quarter. Institutional investors own 92.53% of the company’s stock.

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.