Columbia Banking System (NASDAQ:COLB) Price Target Raised to $33.00

Columbia Banking System (NASDAQ:COLB) had its price target raised by Wells Fargo & Company from $30.00 to $33.00 in a research note published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on COLB. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Truist Financial raised their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, October 28th. Barclays upped their target price on shares of Columbia Banking System from $25.00 to $29.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Wedbush raised their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada boosted their price target on shares of Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.19.

Columbia Banking System Stock Down 0.2 %

NASDAQ COLB opened at $30.15 on Tuesday. The company has a market cap of $6.32 billion, a PE ratio of 13.05 and a beta of 0.64. The firm’s 50-day simple moving average is $28.69 and its two-hundred day simple moving average is $24.42. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $32.85.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The business had revenue of $765.06 million for the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same quarter in the previous year, the firm posted $0.79 EPS. As a group, equities research analysts anticipate that Columbia Banking System will post 2.63 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Friday, November 29th. Columbia Banking System’s dividend payout ratio is presently 62.34%.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently made changes to their positions in the business. Picton Mahoney Asset Management bought a new position in shares of Columbia Banking System in the second quarter worth approximately $33,000. GAMMA Investing LLC raised its stake in Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Columbia Banking System by 111.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after buying an additional 1,380 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in Columbia Banking System by 137,166.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 4,115 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Columbia Banking System by 1,507.6% during the third quarter. Farther Finance Advisors LLC now owns 4,855 shares of the financial services provider’s stock valued at $127,000 after buying an additional 4,553 shares during the last quarter. 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.