Columbia Banking System (NASDAQ:COLB) Given New $28.00 Price Target at Truist Financial

Columbia Banking System (NASDAQ:COLB) had its price target reduced by Truist Financial from $29.00 to $28.00 in a research report released on Friday, Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

COLB has been the subject of several other reports. JPMorgan Chase & Co. lifted their price objective on Columbia Banking System from $22.00 to $29.00 and gave the company a neutral rating in a report on Tuesday, July 30th. StockNews.com downgraded Columbia Banking System from a hold rating to a sell rating in a report on Friday, August 30th. Wells Fargo & Company lifted their price objective on Columbia Banking System from $22.00 to $26.00 and gave the company an equal weight rating in a report on Friday, July 26th. Barclays lifted their price objective on Columbia Banking System from $21.00 to $24.00 and gave the company an equal weight rating in a report on Friday, July 26th. Finally, Stephens boosted their target price on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $24.96.

Columbia Banking System Stock Down 0.2 %

NASDAQ COLB opened at $25.74 on Friday. The company has a fifty day moving average of $24.31 and a two-hundred day moving average of $20.95. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 11.05 and a beta of 0.64. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data 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 net margin of 15.94% and a return on equity of 10.89%. The company had revenue of $472.15 million during the quarter, compared to analyst estimates of $476.01 million. During the same period in the previous year, the firm earned $0.81 earnings per share. Columbia Banking System’s quarterly revenue was down 9.8% compared to the same quarter last year. Equities research analysts anticipate that Columbia Banking System will post 2.55 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings 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 worth $432,041,000 after purchasing an additional 574,509 shares during the period. American Century Companies Inc. boosted its holdings in Columbia Banking System by 6.7% during the 2nd quarter. American Century Companies Inc. now owns 6,191,704 shares of the financial services provider’s stock valued at $123,153,000 after acquiring an additional 386,751 shares during the period. Bank of New York Mellon Corp boosted its holdings in Columbia Banking System by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider’s stock valued at $93,851,000 after acquiring an additional 23,963 shares during the period. Wellington Management Group LLP boosted 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 acquiring an additional 637,212 shares during the period. Finally, Silvercrest Asset Management Group LLC boosted its holdings in Columbia Banking System by 21.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after acquiring an additional 788,383 shares during the period. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

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.