Wells Fargo & Company Increases Columbia Banking System (NASDAQ:COLB) Price Target to $30.00

Columbia Banking System (NASDAQ:COLB) had its price objective lifted by Wells Fargo & Company from $28.00 to $30.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Raymond James raised their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Barclays raised their target price on shares of Columbia Banking System from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Truist Financial decreased their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, September 20th. StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Finally, Royal Bank of Canada increased their price target on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $27.12.

Columbia Banking System Trading Up 3.1 %

NASDAQ:COLB opened at $28.77 on Friday. The company has a 50-day moving average price of $25.58 and a 200-day moving average price of $22.34. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.88. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 12.35 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.62 by $0.07. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. During the same period last year, the company posted $0.79 EPS. Equities 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 issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s payout ratio is presently 61.80%.

Institutional Trading of Columbia Banking System

A number of institutional investors have recently made changes to their positions in COLB. Picton Mahoney Asset Management purchased a new stake in shares of Columbia Banking System during the 2nd quarter valued at about $33,000. Abich Financial Wealth Management LLC boosted its holdings in shares of 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 valued at $43,000 after acquiring an additional 1,020 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of 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 valued at $47,000 after acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC boosted its holdings in shares of 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 worth $82,000 after buying 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.