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

by · The Cerbat Gem

Columbia Banking System (NASDAQ:COLB – Free Report) had its price target hoisted by Keefe, Bruyette & Woods from $31.00 to $33.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

COLB has been the topic of several other reports. Raymond James Financial raised Columbia Banking System from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $27.00 to $31.00 in a report on Monday, September 15th. Zacks Research cut shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 16th. Cowen assumed coverage on Columbia Banking System in a research report on Wednesday, September 24th. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Piper Sandler set a $33.00 target price on shares of Columbia Banking System in a report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and a consensus target price of $29.58.

View Our Latest Research Report on COLB

Columbia Banking System Trading Down 0.0%

Shares of NASDAQ COLB opened at $28.85 on Wednesday. The firm has a market cap of $8.63 billion, a PE ratio of 13.00 and a beta of 0.62. Columbia Banking System has a 1-year low of $19.61 and a 1-year high of $29.61. The company has a fifty day moving average price of $27.08 and a 200 day moving average price of $25.70.

Columbia Banking System (NASDAQ:COLB – Get Free Report) last issued its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 EPS for the quarter. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The firm had revenue of $348.47 million for the quarter. Equities research analysts forecast that Columbia Banking System will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend was Friday, November 28th. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s payout ratio is 66.67%.

Hedge Funds Weigh In On Columbia Banking System

A number of institutional investors have recently made changes to their positions in COLB. Vanguard Group Inc. lifted its holdings in shares of Columbia Banking System by 41.3% during the 3rd quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock worth $768,375,000 after acquiring an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP raised its position in Columbia Banking System by 135.2% during the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock valued at $354,754,000 after purchasing an additional 7,921,303 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Columbia Banking System by 68.1% during the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock worth $337,611,000 after purchasing an additional 5,313,883 shares during the last quarter. HoldCo Asset Management LP purchased a new position in shares of Columbia Banking System in the 2nd quarter worth about $104,819,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Columbia Banking System by 145.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider’s stock worth $180,671,000 after purchasing an additional 4,157,835 shares in the last quarter. Institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

(Get Free Report)

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.

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