Columbia Banking System (NASDAQ:COLB) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a hold rating in a research note published on Wednesday.

Several other research analysts have also recently weighed in on the company. Barclays upped 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, July 26th. Truist Financial decreased their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a hold rating for the company in a research note on Friday, September 20th. Wedbush raised shares of Columbia Banking System from a neutral rating to an outperform rating and boosted their price objective for the stock from $28.00 to $31.00 in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a neutral rating in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company boosted their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Columbia Banking System currently has a consensus rating of Hold and a consensus price target of $25.42.

Columbia Banking System Stock Performance

NASDAQ COLB opened at $25.63 on Wednesday. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 11.00 and a beta of 0.64. The business has a 50 day simple moving average of $24.40 and a 200 day simple moving average of $21.03. 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 issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the business posted $0.81 earnings per share. On average, analysts predict that Columbia Banking System will post 2.55 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.62%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s payout ratio is presently 61.80%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management acquired a new stake in Columbia Banking System during the second quarter worth approximately $33,000. Abich Financial Wealth Management LLC lifted its holdings in Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,020 shares during the last quarter. GAMMA Investing LLC boosted its stake in Columbia Banking System by 144.0% in 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 grew its holdings in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,380 shares in the last quarter. Finally, TFO Wealth Partners LLC increased its position in Columbia Banking System by 23,158.8% during the 4th quarter. TFO Wealth Partners LLC now owns 3,954 shares of the financial services provider’s stock worth $105,000 after buying an additional 3,937 shares during the period. Institutional investors and hedge funds 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.