Columbia Banking System, Inc. (NASDAQ:COLB) Receives $22.04 Average Price Target from Brokerages

Shares of Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) have been assigned a consensus recommendation of "Hold" from the thirteen research firms that are covering the company, Marketbeat reports. Eleven analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $22.04.

Several research analysts recently commented on the stock. Royal Bank of Canada cut their price objective on shares of Columbia Banking System from $25.00 to $21.00 and set a "sector perform" rating for the company in a report on Tuesday, April 9th. JPMorgan Chase & Co. cut their price objective on shares of Columbia Banking System from $23.00 to $22.00 and set a "neutral" rating for the company in a report on Thursday, June 27th. Keefe, Bruyette & Woods cut their price objective on shares of Columbia Banking System from $25.00 to $23.00 and set a "market perform" rating for the company in a report on Friday, April 5th. Truist Financial cut their price objective on shares of Columbia Banking System from $22.00 to $20.00 and set a "hold" rating for the company in a report on Monday, April 1st. Finally, Piper Sandler reissued an "overweight" rating and issued a $27.00 price target on shares of Columbia Banking System in a report on Wednesday, June 5th.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently made changes to their positions in COLB. Quadrant Capital Group LLC raised its position in Columbia Banking System by 17.8% in the 4th quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider's stock worth $105,000 after purchasing an additional 595 shares during the period. Retirement Systems of Alabama increased its position in shares of Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider's stock valued at $5,068,000 after acquiring an additional 700 shares during the period. Essex Financial Services Inc. increased its position in shares of Columbia Banking System by 3.8% in the first quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider's stock valued at $379,000 after acquiring an additional 725 shares during the period. Caprock Group LLC increased its position in shares of Columbia Banking System by 2.3% in the fourth quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider's stock valued at $925,000 after acquiring an additional 781 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in shares of Columbia Banking System by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider's stock valued at $2,460,000 after acquiring an additional 900 shares during the period. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Trading Down 0.4 %

Shares of COLB stock traded down $0.09 during trading hours on Friday, hitting $21.44. 1,957,600 shares of the company were exchanged, compared to its average volume of 1,734,817. The firm has a fifty day simple moving average of $19.43 and a 200 day simple moving average of $19.96. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 9.20 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The company had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. During the same quarter last year, the business posted $0.46 EPS. Columbia Banking System's quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Columbia Banking System will post 2.44 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.72%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System's dividend payout ratio is currently 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.