Barclays Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $30.00

Columbia Banking System (NASDAQ:COLB) had its price objective trimmed by Barclays from $31.00 to $30.00 in a report published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Several other equities analysts also recently weighed in on COLB. UBS Group assumed coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They set a “neutral” rating and a $30.00 target price for the company. Stephens upped their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Royal Bank Of Canada raised their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Finally, Wall Street Zen cut shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus price target of $33.19.

Columbia Banking System Stock Performance

Shares of COLB stock opened at $31.35 on Monday. The stock has a fifty day moving average price of $31.27 and a 200 day moving average price of $29.84. The stock has a market cap of $9.08 billion, a PE ratio of 12.49, a P/E/G ratio of 3.16 and a beta of 0.63. Columbia Banking System has a 1 year low of $23.48 and a 1 year high of $33.67.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The business had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same quarter last year, the business posted $0.76 earnings per share. As a group, equities research analysts predict that Columbia Banking System will post 3.02 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Friday, May 29th. Columbia Banking System’s dividend payout ratio (DPR) is currently 58.96%.

Insiders Place Their Bets

In related news, CMO Devine David Moore sold 3,872 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the transaction, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its position 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 valued at $354,754,000 after buying an additional 7,921,303 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Columbia Banking System by 140.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider’s stock worth $242,237,000 after acquiring an additional 5,063,212 shares during the last quarter. Norges Bank acquired a new stake in Columbia Banking System during the fourth quarter worth approximately $103,012,000. North Reef Capital Management LP grew its stake in Columbia Banking System by 3,600.0% in the 4th quarter. North Reef Capital Management LP now owns 3,700,000 shares of the financial services provider’s stock worth $103,415,000 after acquiring an additional 3,600,000 shares during the period. Finally, State Street Corp grew its stake in 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 worth $345,113,000 after acquiring an additional 3,290,560 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

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.