Stephens Raises Columbia Banking System (NASDAQ:COLB) Price Target to $26.00

Columbia Banking System (NASDAQ:COLB) had its target price increased by Stephens from $22.00 to $26.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other research firms also recently weighed in on COLB. Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a research report on Friday. Barclays increased their price objective on Columbia Banking System from $21.00 to $24.00 and gave the stock an equal weight rating in a report on Friday. JPMorgan Chase & Co. lowered their target price on shares of Columbia Banking System from $23.00 to $22.00 and set a neutral rating on the stock in a research note on Thursday, June 27th. Piper Sandler reissued an overweight rating and issued a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. Finally, Wedbush increased their target price on shares of Columbia Banking System from $20.00 to $25.00 and gave the company a neutral rating in a research note on Friday. Twelve investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $24.50.

Columbia Banking System Stock Down 3.2 %

Shares of Columbia Banking System stock opened at $26.12 on Friday. The business’s fifty day moving average is $20.26 and its two-hundred day moving average is $19.81. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.11. The firm has a market cap of $5.47 billion, a PE ratio of 11.21 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same period last year, the company posted $0.81 EPS. The business’s quarterly revenue was down 9.8% on a year-over-year basis. Equities research analysts anticipate that Columbia Banking System will post 2.45 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 24th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 5.51%. Columbia Banking System’s payout ratio is presently 61.80%.

Hedge Funds Weigh In On Columbia Banking System

Large investors have recently made changes to their positions in the business. Quadrant Capital Group LLC grew its holdings in shares of Columbia Banking System by 17.8% during the 4th quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 595 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after buying an additional 700 shares during the last quarter. Essex Financial Services Inc. raised its holdings in shares of Columbia Banking System by 3.8% during the 1st quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider’s stock valued at $379,000 after purchasing an additional 725 shares in the last quarter. Caprock Group LLC lifted its position in shares of Columbia Banking System by 2.3% in the fourth quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock worth $925,000 after buying an additional 781 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in Columbia Banking System by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock worth $2,460,000 after purchasing an additional 900 shares during the last quarter. Institutional investors and hedge funds 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.