Truist Financial Issues Positive Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its price objective increased by Truist Financial from $28.00 to $30.00 in a report released on Monday, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on COLB. Keefe, Bruyette & Woods raised their price objective on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Wedbush raised their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their price objective 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. JPMorgan Chase & Co. reduced their target price on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.12.

Columbia Banking System Stock Down 2.3 %

NASDAQ:COLB opened at $28.51 on Monday. The company’s 50 day moving average is $25.79 and its 200-day moving average is $22.47. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $29.41. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 12.34 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The company had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. During the same period in the prior year, the company earned $0.79 earnings per share. Research analysts predict 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. Shareholders of record on Friday, August 23rd were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 62.34%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after buying an additional 574,509 shares in the last quarter. American Century Companies Inc. increased its holdings in Columbia Banking System by 6.7% during the 2nd quarter. American Century Companies Inc. now owns 6,191,704 shares of the financial services provider’s stock valued at $123,153,000 after purchasing an additional 386,751 shares in the last quarter. Bank of New York Mellon Corp raised its position in Columbia Banking System by 0.5% in 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. Silvercrest Asset Management Group LLC raised its position in 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. Finally, Dimensional Fund Advisors LP boosted its stake in Columbia Banking System by 812.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after purchasing an additional 2,833,744 shares in the last quarter. 92.53% of the stock is 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.