Columbia Banking System (NASDAQ:COLB) Price Target Raised to $29.00 at Barclays

Columbia Banking System (NASDAQ:COLB) had its target price raised by Barclays from $25.00 to $29.00 in a research report released on Friday, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

COLB has been the subject of several other reports. Wedbush boosted their target price on Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday. Royal Bank of Canada upped their price target on Columbia Banking System from $29.00 to $31.00 and gave the stock a “sector perform” rating in a report on Friday. Truist Financial cut their price target on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a report on Friday, September 20th. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Finally, Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.12.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $28.77 on Friday. The stock has a market capitalization of $6.02 billion, a P/E ratio of 12.35 and a beta of 0.64. The business has a 50-day moving average of $25.58 and a two-hundred day moving average of $22.34. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.88.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. During the same period in the previous year, the company earned $0.79 EPS. As a group, research analysts expect that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were paid a $0.36 dividend. The ex-dividend date was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.01%. Columbia Banking System’s payout ratio is 61.80%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management acquired a new position in Columbia Banking System during the second quarter worth $33,000. Abich Financial Wealth Management LLC raised its stake in Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares in the last quarter. GAMMA Investing LLC raised its stake in Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Columbia Banking System by 111.5% during the second 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. Finally, Hexagon Capital Partners LLC raised its stake in Columbia Banking System by 137,166.7% during the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 4,115 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

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.