Columbia Banking System (NASDAQ:COLB) Price Target Increased to $24.00 by Analysts at Barclays

Columbia Banking System (NASDAQ:COLB) had its price target increased by Barclays from $21.00 to $24.00 in a research note released on Friday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Columbia Banking System from $23.00 to $22.00 and set a neutral rating for the company in a research report on Thursday, June 27th. Wells Fargo & Company dropped their price objective on shares of Columbia Banking System from $25.00 to $22.00 and set an equal weight rating for the company in a report on Wednesday, April 10th. Royal Bank of Canada cut their target price on shares of Columbia Banking System from $25.00 to $21.00 and set a sector perform rating for the company in a report on Tuesday, April 9th. StockNews.com upgraded shares of Columbia Banking System from a sell rating to a hold rating in a report on Wednesday, July 24th. Finally, Piper Sandler reaffirmed an overweight rating and issued a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. Twelve investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $24.50.

Columbia Banking System Trading Down 3.2 %

Columbia Banking System stock opened at $26.12 on Friday. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.11. The stock has a fifty day simple moving average of $20.26 and a two-hundred day simple moving average of $19.81. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 11.21 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. The firm had revenue of $472.15 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. On average, equities research analysts forecast that Columbia Banking System will post 2.45 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 24th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.51%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s dividend payout ratio is 61.80%.

Institutional Trading of Columbia Banking System

Several institutional investors and hedge funds have recently made changes to their positions in COLB. Vanguard Group Inc. raised its position in shares of Columbia Banking System by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after acquiring an additional 574,509 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Columbia Banking System by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after acquiring an additional 700,643 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Columbia Banking System by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider’s stock valued at $93,851,000 after purchasing an additional 23,963 shares during the last quarter. Wellington Management Group LLP raised its stake in Columbia Banking System by 16.2% in the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after buying an additional 637,212 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC raised its position in shares of Columbia Banking System by 21.4% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after purchasing an additional 788,383 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.