Barclays Raises Columbia Banking System (NASDAQ:COLB) Price Target to $25.00

Columbia Banking System (NASDAQ:COLB) had its target price increased by Barclays from $24.00 to $25.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities analysts also recently issued reports on the stock. Truist Financial cut their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a hold rating on the stock in a report on Friday, September 20th. Wells Fargo & Company upped their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an equal weight rating in a report on Friday, July 26th. Royal Bank of Canada upped their price objective on shares of Columbia Banking System from $21.00 to $26.00 and gave the company a sector perform rating in a report on Friday, July 26th. Stephens increased their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Finally, Wedbush upgraded shares of Columbia Banking System from a neutral rating to an outperform rating and increased their price target for the stock from $28.00 to $31.00 in a report on Tuesday, September 24th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $25.50.

Columbia Banking System Price Performance

NASDAQ:COLB opened at $25.96 on Friday. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.11. The company has a 50-day moving average of $24.51 and a 200 day moving average of $21.14. The firm has a market cap of $5.44 billion, a PE ratio of 11.14 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results 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. The business had revenue of $472.15 million during the quarter, compared to the consensus estimate of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm’s revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. Sell-side analysts anticipate that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were given a dividend of $0.36 per share. The ex-dividend date 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 61.80%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in COLB. Picton Mahoney Asset Management acquired a new stake in shares of Columbia Banking System in the 2nd quarter worth $33,000. Abich Financial Wealth Management LLC increased its stake in shares of Columbia Banking System by 85.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Columbia Banking System by 144.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of 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 acquiring an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC increased its stake in shares of Columbia Banking System by 137,166.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 4,115 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.