Brokerages Set Columbia Banking System, Inc. (NASDAQ:COLB) Target Price at $31.73

Columbia Banking System, Inc. (NASDAQ:COLB) has been assigned a consensus rating of “Hold” from the fourteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine 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 updated their coverage on the stock in the last year is $32.1250.

Several analysts recently issued reports on COLB shares. Wells Fargo & Company upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Barclays dropped their target price on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 7th. Wall Street Zen lowered Columbia Banking System from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. UBS Group began coverage on Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price objective on the stock. Finally, Piper Sandler upped their price objective on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, April 27th.

Columbia Banking System Stock Performance

COLB opened at $30.07 on Wednesday. Columbia Banking System has a 52-week low of $21.91 and a 52-week high of $32.70. The firm has a market capitalization of $8.70 billion, a PE ratio of 11.98 and a beta of 0.63. The business’s 50-day simple moving average is $28.60 and its 200 day simple moving average is $28.72.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The business had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. Columbia Banking System’s revenue was up 37.9% on a year-over-year basis. On average, research analysts forecast that Columbia Banking System will post 3.08 earnings per share for the current year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a $0.37 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.9%. Columbia Banking System’s dividend payout ratio is currently 58.96%.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, VP Torran B. Nixon sold 2,240 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.85, for a total value of $64,624.00. Following the sale, the vice president owned 98,229 shares in the company, valued at $2,833,906.65. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 5,629 shares of company stock valued at $158,044 in the last 90 days. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of the business. Glenmede Trust Co. NA raised its stake in Columbia Banking System by 6.3% in the first quarter. Glenmede Trust Co. NA now owns 80,393 shares of the financial services provider’s stock valued at $2,205,000 after buying an additional 4,735 shares during the period. Access Investment Management LLC bought a new stake in Columbia Banking System in the first quarter valued at approximately $2,079,000. Arete Wealth Advisors LLC bought a new stake in Columbia Banking System in the first quarter valued at approximately $396,000. Cim Investment Management Inc. raised its stake in Columbia Banking System by 28.2% in the first quarter. Cim Investment Management Inc. now owns 11,235 shares of the financial services provider’s stock valued at $308,000 after buying an additional 2,468 shares during the period. Finally, Bank of America Corp DE raised its stake in Columbia Banking System by 25.5% in the first quarter. Bank of America Corp DE now owns 1,451,405 shares of the financial services provider’s stock valued at $39,812,000 after buying an additional 294,537 shares during the period. Institutional investors own 92.53% of the company’s stock.

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.