Columbia Banking System (NASDAQ:COLB) Given New $26.00 Price Target at Stephens

Columbia Banking System (NASDAQ:COLB) had its price objective upped by Stephens from $22.00 to $26.00 in a research note published on Friday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

COLB has been the topic of a number of other research reports. JPMorgan Chase & Co. decreased their target price on shares of Columbia Banking System from $23.00 to $22.00 and set a neutral rating on the stock in a report on Thursday, June 27th. Royal Bank of Canada upped their price target on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a sector perform rating in a report on Friday. Barclays increased their price objective on Columbia Banking System from $21.00 to $24.00 and gave the stock an equal weight rating in a research report on Friday. Truist Financial reduced their target price on Columbia Banking System from $22.00 to $20.00 and set a hold rating for the company in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods raised their price target on Columbia Banking System from $23.00 to $27.00 and gave the company a market perform rating in a report on Friday. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $24.50.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $26.12 on Friday. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11. The firm has a market capitalization of $5.47 billion, a P/E ratio of 11.21 and a beta of 0.66. The business has a fifty day moving average price of $20.26 and a 200-day moving average price of $19.81.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $476.01 million. During the same quarter last year, the company earned $0.81 EPS. The firm’s revenue was down 9.8% compared to the same quarter last year. Sell-side analysts expect that Columbia Banking System will post 2.45 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 24th were given a dividend of $0.36 per share. The ex-dividend date was Thursday, May 23rd. This represents a $1.44 annualized dividend and a yield of 5.51%. Columbia Banking System’s payout ratio is 61.80%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Columbia Banking System during the 4th quarter valued at about $63,152,000. Public Employees Retirement Association of Colorado boosted its stake in shares of Columbia Banking System by 3,245.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after purchasing an additional 838,762 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in shares of Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after purchasing an additional 788,383 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Columbia Banking System by 9.9% in the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after buying an additional 700,643 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Columbia Banking System by 16.2% during the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after buying an additional 637,212 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 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.