Columbia Banking System (NASDAQ:COLB) PT Raised to $29.00 at Barclays

Columbia Banking System (NASDAQ:COLB) had its price target raised by Barclays from $25.00 to $29.00 in a research note released on Friday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on the company. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Raymond James boosted their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Truist Financial dropped their target price on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System has an average rating of “Hold” and an average target price of $26.96.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $27.90 on Friday. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.62. The company has a market capitalization of $5.84 billion, a P/E ratio of 11.97 and a beta of 0.64. The stock has a 50-day simple moving average of $25.49 and a 200-day simple moving average of $22.26.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 10.89% and a net margin of 15.94%. During the same period in the previous year, the business earned $0.79 EPS. As a group, analysts forecast that Columbia Banking System will post 2.55 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Institutional Investors Weigh In On Columbia Banking System

Institutional investors and hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management purchased a new stake in Columbia Banking System in the 2nd quarter valued at approximately $33,000. Abich Financial Wealth Management LLC lifted its stake 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 worth $43,000 after purchasing an additional 1,020 shares during the period. GAMMA Investing LLC lifted its stake 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 worth $47,000 after purchasing an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC lifted its stake 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 worth $52,000 after purchasing an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 4,115 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.