Columbia Banking System (NASDAQ:COLB) Given New $32.00 Price Target at Wells Fargo & Company

Columbia Banking System (NASDAQ:COLB) had its target price upped by Wells Fargo & Company from $30.00 to $32.00 in a report released on Monday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Other research analysts have also issued reports about the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Columbia Banking System in a research report on Monday, June 29th. JPMorgan Chase & Co. raised their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Barclays cut their target price on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 7th. Piper Sandler boosted their target price on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.81.

Columbia Banking System Stock Down 0.1%

Shares of COLB stock opened at $32.20 on Monday. The firm has a market cap of $9.32 billion, a price-to-earnings ratio of 12.84 and a beta of 0.62. Columbia Banking System has a 52-week low of $22.77 and a 52-week high of $32.77. The company’s 50 day moving average is $30.18 and its 200 day moving average is $29.33.

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

Columbia Banking System Dividend Announcement

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 $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s dividend payout ratio (DPR) is presently 58.96%.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction that occurred on 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in COLB. Wellington Management Group LLP grew its holdings in shares of Columbia Banking System by 135.2% during 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 lifted its position in Columbia Banking System by 140.5% during the 4th 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 period. Norges Bank acquired a new stake in Columbia Banking System during the 4th quarter worth about $103,012,000. North Reef Capital Management LP grew its stake in Columbia Banking System by 3,600.0% during the 4th quarter. North Reef Capital Management LP now owns 3,700,000 shares of the financial services provider’s stock valued at $103,415,000 after purchasing an additional 3,600,000 shares during the last quarter. Finally, State Street Corp grew its stake in Columbia Banking System by 32.5% during the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after purchasing an additional 3,290,560 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.