Columbia Banking System (NASDAQ:COLB) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a hold rating in a report published on Wednesday morning.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial lowered their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a hold rating for the company in a research report on Friday, September 20th. Barclays raised their price target on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an equal weight rating in a report on Friday, July 26th. Keefe, Bruyette & Woods upped their price objective on Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a report on Friday, July 26th. Piper Sandler reissued an overweight rating and issued a $27.00 target price on shares of Columbia Banking System in a research note on Wednesday, June 5th. Finally, JPMorgan Chase & Co. boosted their target price on Columbia Banking System from $22.00 to $29.00 and gave the stock a neutral rating in a research report on Tuesday, July 30th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $25.50.

Columbia Banking System Trading Down 0.0 %

NASDAQ:COLB opened at $25.96 on Wednesday. The stock has a market capitalization of $5.44 billion, a P/E ratio of 11.14 and a beta of 0.64. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.11. The firm has a 50 day moving average of $24.51 and a 200-day moving average of $21.12.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. As a group, analysts forecast that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.55%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently modified their holdings of COLB. Picton Mahoney Asset Management bought a new stake in Columbia Banking System in the second quarter valued at approximately $33,000. Abich Financial Wealth Management LLC raised its stake in Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after buying an additional 1,020 shares during the period. GAMMA Investing LLC raised its stake in Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,387 shares during the period. 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 worth $52,000 after acquiring an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in Columbia Banking System by 137,166.7% in the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 4,115 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

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.