Analysts Set Columbia Banking System, Inc. (NASDAQ:COLB) Price Target at $29.58

Columbia Banking System, Inc. (NASDAQ:COLB) has received an average rating of “Hold” from the fifteen ratings firms that are currently covering the firm, MarketBeat.com reports. Eleven analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $29.5833.

A number of brokerages have weighed in on COLB. Citigroup upped their target price on Columbia Banking System from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. TD Cowen assumed coverage on shares of Columbia Banking System in a research report on Thursday, September 25th. They issued a “hold” rating and a $28.00 price objective on the stock. Cowen assumed coverage on shares of Columbia Banking System in a research note on Wednesday, September 24th. They issued a “hold” rating on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Columbia Banking System in a research report on Monday. Finally, Zacks Research lowered shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 16th.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock worth $768,375,000 after purchasing an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Columbia Banking System by 135.2% in the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock worth $354,754,000 after buying an additional 7,921,303 shares during the period. State Street Corp lifted its stake in shares of Columbia Banking System by 32.5% in the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after acquiring an additional 3,290,560 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Columbia Banking System by 68.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock valued at $337,611,000 after acquiring an additional 5,313,883 shares during the period. Finally, American Century Companies Inc. grew its position in Columbia Banking System by 11.9% during the 3rd quarter. American Century Companies Inc. now owns 10,016,178 shares of the financial services provider’s stock worth $257,816,000 after acquiring an additional 1,067,491 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Price Performance

NASDAQ COLB opened at $28.61 on Friday. The company’s 50 day simple moving average is $27.19 and its two-hundred day simple moving average is $25.81. Columbia Banking System has a 1 year low of $19.61 and a 1 year high of $29.61. The stock has a market capitalization of $8.56 billion, a PE ratio of 12.89 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 EPS for the quarter. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The firm had revenue of $348.47 million during the quarter. On average, research analysts anticipate that Columbia Banking System will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.2%. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s payout ratio is 66.67%.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.