Columbia Banking System, Inc. (NASDAQ:COLB) Receives Average Rating of “Hold” from Brokerages

Shares of Columbia Banking System, Inc. (NASDAQ:COLB) have been assigned an average rating of “Hold” from the thirteen research firms that are currently covering the company, Marketbeat Ratings reports. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $25.04.

Several equities research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a report on Friday. Truist Financial boosted their price target on shares of Columbia Banking System from $20.00 to $29.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Barclays raised their price objective on Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Royal Bank of Canada boosted their target price on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. raised their price target on Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Picton Mahoney Asset Management purchased a new stake in Columbia Banking System in the second quarter worth $33,000. Fifth Third Bancorp lifted its position in shares of Columbia Banking System by 113.4% during the first quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,047 shares during the last quarter. Abich Financial Wealth Management LLC boosted its holdings in shares of Columbia Banking System by 85.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,020 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Columbia Banking System by 144.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,387 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,380 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of COLB stock opened at $25.18 on Monday. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11. The company’s fifty day moving average price is $22.82 and its 200-day moving average price is $20.25. The company has a market capitalization of $5.27 billion, a price-to-earnings ratio of 10.81 and a beta of 0.65.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. During the same period in the previous year, the business earned $0.81 earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. Equities research analysts expect that Columbia Banking System will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Friday, August 23rd will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $1.44 annualized dividend and a yield of 5.72%. Columbia Banking System’s payout ratio is 61.80%.

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.