Analysts Set Columbia Banking System, Inc. (NASDAQ:COLB) Price Target at $32.13

Shares of Columbia Banking System, Inc. (NASDAQ:COLB) have earned an average recommendation of “Hold” from the fourteen research firms that are presently covering the firm, Marketbeat reports. Nine investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $32.1250.

A number of research firms have issued reports on COLB. Wells Fargo & Company increased their price objective 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 decreased their price objective on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, April 7th. Citigroup increased their price objective on Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. UBS Group started coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price objective for the company. Finally, Piper Sandler raised their price target on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, April 27th.

Columbia Banking System Stock Up 1.7%

Shares of Columbia Banking System stock opened at $30.55 on Friday. The company has a market cap of $8.84 billion, a PE ratio of 12.17 and a beta of 0.63. The business has a 50 day moving average of $29.58 and a 200 day moving average of $29.07. Columbia Banking System has a 52 week low of $22.12 and a 52 week high of $32.70.

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

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, May 29th. This represents a $1.48 annualized dividend and a dividend yield of 4.8%. Columbia Banking System’s dividend payout ratio (DPR) is presently 58.96%.

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is owned by insiders.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Columbia Banking System by 41.3% during the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after buying an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 worth $354,754,000 after purchasing an additional 7,921,303 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Columbia Banking System by 68.1% in the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock worth $337,611,000 after purchasing an additional 5,313,883 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Columbia Banking System by 140.5% in 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 purchasing an additional 5,063,212 shares during the last quarter. Finally, Norges Bank purchased a new position in Columbia Banking System in the fourth quarter worth about $103,012,000. 92.53% of the stock is currently owned by institutional investors.

About Columbia Banking System

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.