Columbia Banking System (NASDAQ:COLB) Price Target Raised to $33.00

Columbia Banking System (NASDAQ:COLB) had its price target hoisted by JPMorgan Chase & Co. from $31.00 to $33.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on the company. Raymond James Financial raised Columbia Banking System from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $27.00 to $31.00 in a report on Monday, September 15th. Barclays decreased their price objective on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upgraded Columbia Banking System from a “market perform” rating to an “outperform” rating and increased their target price for the company from $30.00 to $31.00 in a research report on Friday, October 10th. Cowen started coverage on shares of Columbia Banking System in a research report on Wednesday, September 24th. They issued a “hold” rating on the stock. Finally, TD Cowen began coverage on shares of Columbia Banking System in a research note on Thursday, September 25th. They set a “hold” rating and a $28.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus price target of $29.50.

Columbia Banking System Price Performance

Shares of COLB opened at $28.86 on Tuesday. Columbia Banking System has a 1 year low of $19.61 and a 1 year high of $29.61. The company has a 50 day simple moving average of $27.01 and a two-hundred day simple moving average of $25.66. The firm has a market cap of $8.63 billion, a P/E ratio of 13.00 and a beta of 0.62.

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

Columbia Banking System Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 28th. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 5.1%. Columbia Banking System’s payout ratio is presently 66.67%.

Institutional Investors Weigh In On Columbia Banking System

Institutional investors have recently made changes to their positions in the company. Mirabella Financial Services LLP bought a new position in Columbia Banking System during the 3rd quarter valued at about $2,723,000. New Mexico Educational Retirement Board boosted its position in shares of Columbia Banking System by 43.3% during the third quarter. New Mexico Educational Retirement Board now owns 60,914 shares of the financial services provider’s stock valued at $1,568,000 after buying an additional 18,400 shares during the period. Allworth Financial LP boosted its position in shares of Columbia Banking System by 0.5% during the third quarter. Allworth Financial LP now owns 200,130 shares of the financial services provider’s stock valued at $5,151,000 after buying an additional 917 shares during the period. Swiss Life Asset Management Ltd bought a new position in shares of Columbia Banking System during the third quarter valued at approximately $362,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Columbia Banking System by 14.1% in the third quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock worth $193,977,000 after buying an additional 929,862 shares during the period. 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.