Piper Sandler Issues Positive Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its target price boosted by Piper Sandler from $32.00 to $35.00 in a research report report published on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other equities analysts also recently commented on COLB. Jefferies Financial Group initiated coverage on Columbia Banking System in a research note on Wednesday, May 21st. They issued a “hold” rating and a $27.00 price objective on the stock. DA Davidson upped their price objective on Columbia Banking System from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, June 10th. Citigroup reiterated a “neutral” rating and issued a $26.00 price objective (up previously from $22.00) on shares of Columbia Banking System in a research note on Monday, July 28th. Wall Street Zen initiated coverage on Columbia Banking System in a research note on Thursday, May 22nd. They issued a “hold” rating on the stock. Finally, Barclays upped their price objective on Columbia Banking System from $27.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $29.07.

Columbia Banking System Stock Up 1.0%

Columbia Banking System stock opened at $27.03 on Tuesday. Columbia Banking System has a 52 week low of $19.61 and a 52 week high of $32.85. The company’s 50 day moving average price is $24.93 and its two-hundred day moving average price is $24.27. The stock has a market cap of $5.68 billion, a P/E ratio of 10.73 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.66 by $0.10. The firm had revenue of $511.55 million for the quarter, compared to analysts’ expectations of $492.00 million. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.67 EPS. On average, equities analysts anticipate that Columbia Banking System will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.44 annualized dividend and a dividend yield of 5.3%. Columbia Banking System’s dividend payout ratio is presently 57.14%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in COLB. Geneos Wealth Management Inc. increased its holdings in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 794 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Columbia Banking System in the first quarter worth $37,000. UMB Bank n.a. increased its holdings in shares of Columbia Banking System by 141.3% in the first quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 958 shares during the period. Bessemer Group Inc. increased its holdings in shares of Columbia Banking System by 53.5% in the second quarter. Bessemer Group Inc. now owns 1,790 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 624 shares during the period. Finally, Financial Harvest LLC bought a new position in shares of Columbia Banking System in the first quarter worth $53,000. Institutional investors own 92.53% of the company’s stock.

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.