Columbia Banking System (NASDAQ:COLB) Given New $30.00 Price Target at Wells Fargo & Company

Columbia Banking System (NASDAQ:COLB) had its price target increased by Wells Fargo & Company from $28.00 to $30.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price objective on Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Royal Bank of Canada upped their target price on Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Stephens boosted their price target on Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Truist Financial cut their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $26.96.

Columbia Banking System Trading Down 1.3 %

Shares of Columbia Banking System stock opened at $27.90 on Friday. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 11.97 and a beta of 0.64. The firm’s 50-day moving average price is $25.49 and its two-hundred day moving average price is $22.21. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.62.

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

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s payout ratio is 61.80%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COLB. LSV Asset Management bought a new stake in Columbia Banking System during the 1st quarter worth $2,850,000. BNP Paribas Financial Markets raised its holdings in Columbia Banking System by 185.1% in the 1st quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock valued at $3,363,000 after buying an additional 112,826 shares during the last quarter. First Hawaiian Bank lifted its stake in shares of Columbia Banking System by 81.4% in the second quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock worth $1,046,000 after acquiring an additional 23,597 shares during the period. Vanguard Group Inc. lifted its position in shares of Columbia Banking System by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock valued at $432,041,000 after acquiring an additional 574,509 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Columbia Banking System by 7.6% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 420,374 shares of the financial services provider’s stock worth $8,135,000 after purchasing an additional 29,728 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

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.