Analysts Set Columbia Banking System, Inc. (NASDAQ:COLB) PT at $28.86

Shares of Columbia Banking System, Inc. (NASDAQ:COLB) have been assigned a consensus rating of “Hold” from the fifteen ratings firms that are presently covering the stock, MarketBeat.com reports. Ten investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $28.8571.

Several equities analysts have recently commented on COLB shares. Jefferies Financial Group started coverage on shares of Columbia Banking System in a research report on Wednesday, May 21st. They set a “hold” rating and a $27.00 price target on the stock. Stephens raised shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 price target on the stock in a research report on Monday, August 4th. Piper Sandler raised their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. DA Davidson lifted their target price on Columbia Banking System from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, June 10th. Finally, Wells Fargo & Company upped their target price on Columbia Banking System from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Tuesday, July 29th.

Columbia Banking System Stock Performance

Shares of COLB stock opened at $26.97 on Monday. Columbia Banking System has a one year low of $19.61 and a one year high of $32.85. The company’s 50-day simple moving average is $24.31 and its 200-day simple moving average is $24.33. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 10.70 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.66 by $0.10. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The business had revenue of $511.55 million for the quarter, compared to analysts’ expectations of $492.00 million. During the same quarter last year, the company posted $0.67 earnings per share. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, research analysts forecast that Columbia Banking System will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.44 annualized dividend and a dividend yield of 5.3%. Columbia Banking System’s dividend payout ratio (DPR) is 57.14%.

Institutional Trading of Columbia Banking System

Several hedge funds have recently made changes to their positions in COLB. HoldCo Asset Management LP bought a new stake in shares of Columbia Banking System in the 2nd quarter worth approximately $104,819,000. JPMorgan Chase & Co. lifted its holdings in shares of Columbia Banking System by 221.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,947,950 shares of the financial services provider’s stock worth $148,342,000 after purchasing an additional 4,096,733 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Columbia Banking System by 18.3% in the 2nd quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider’s stock worth $209,220,000 after purchasing an additional 1,381,597 shares during the last quarter. Norges Bank bought a new stake in shares of Columbia Banking System in the 2nd quarter worth approximately $23,813,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Columbia Banking System by 18.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider’s stock worth $162,791,000 after purchasing an additional 1,012,796 shares during the last quarter. 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.