Columbia Banking System (NASDAQ:COLB) Price Target Raised to $29.00

Columbia Banking System (NASDAQ:COLB) had its price target increased by JPMorgan Chase & Co. from $22.00 to $29.00 in a research report released on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other research firms have also weighed in on COLB. Keefe, Bruyette & Woods boosted their target price on Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a report on Friday, July 26th. Barclays boosted their target price on Columbia Banking System from $21.00 to $24.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Wedbush boosted their target price on Columbia Banking System from $20.00 to $25.00 and gave the stock a neutral rating in a report on Friday, July 26th. Wells Fargo & Company boosted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Finally, Stephens boosted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $25.04.

Columbia Banking System Stock Down 5.3 %

Shares of Columbia Banking System stock opened at $24.77 on Tuesday. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.11. The stock has a market cap of $5.19 billion, a P/E ratio of 10.63 and a beta of 0.66. The business’s 50 day moving average is $20.63 and its 200-day moving average is $19.89.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter in the prior year, the business posted $0.81 EPS. The business’s revenue was down 9.8% compared to the same quarter last year. On average, sell-side analysts expect that Columbia Banking System will post 2.51 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were given a dividend of $0.36 per share. The ex-dividend date was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.81%. Columbia Banking System’s payout ratio is 61.80%.

Institutional Trading of Columbia Banking System

A number of institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Columbia Banking System during the 4th quarter worth $63,152,000. Public Employees Retirement Association of Colorado lifted its position in shares of Columbia Banking System by 3,245.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock worth $23,068,000 after buying an additional 838,762 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its position in shares of Columbia Banking System by 21.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after buying an additional 788,383 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Columbia Banking System by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after buying an additional 700,643 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Columbia Banking System by 16.2% during the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after buying an additional 637,212 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.