Brokerages Set Columbia Banking System, Inc. (NASDAQ:COLB) PT at $29.00

Columbia Banking System, Inc. (NASDAQ:COLB) has been assigned an average recommendation of “Hold” from the thirteen research firms that are covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $29.31.

A number of analysts have weighed in on COLB shares. Keefe, Bruyette & Woods increased their target price on shares of Columbia Banking System from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Truist Financial increased their target price 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. Royal Bank of Canada increased their target price on shares of Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Wells Fargo & Company raised shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $33.00 to $35.00 in a research report on Monday. Finally, Barclays raised their price objective on shares of Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th.

Hedge Funds Weigh In On Columbia Banking System

Several large investors have recently bought and sold shares of the stock. Range Financial Group LLC bought a new position in Columbia Banking System during the 4th quarter valued at $1,866,000. Nordea Investment Management AB lifted its stake in Columbia Banking System by 82.0% during the 4th quarter. Nordea Investment Management AB now owns 391,286 shares of the financial services provider’s stock valued at $10,592,000 after acquiring an additional 176,334 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Columbia Banking System by 15.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 716,673 shares of the financial services provider’s stock valued at $18,712,000 after acquiring an additional 97,498 shares in the last quarter. Tidal Investments LLC lifted its stake in Columbia Banking System by 1.1% during the 3rd quarter. Tidal Investments LLC now owns 43,184 shares of the financial services provider’s stock valued at $1,128,000 after acquiring an additional 464 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Columbia Banking System during the 3rd quarter valued at $288,000. 92.53% of the stock is currently owned by institutional investors.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $27.20 on Friday. The business has a 50 day moving average of $29.34 and a 200-day moving average of $26.02. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $32.85. The company has a market capitalization of $5.70 billion, a P/E ratio of 11.77 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The business had revenue of $765.06 million during the quarter, compared to the consensus estimate of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same quarter in the prior year, the firm posted $0.79 EPS. Equities analysts anticipate that Columbia Banking System will post 2.63 EPS for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date was Friday, November 29th. Columbia Banking System’s dividend payout ratio is currently 62.34%.

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.