Columbia Banking System (NASDAQ:COLB) Now Covered by TD Cowen

TD Cowen started coverage on shares of Columbia Banking System (NASDAQ:COLB) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage issued a hold rating and a $28.00 price target on the financial services provider’s stock.

Several other research firms have also recently weighed in on COLB. Barclays raised their target price on shares of 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. Piper Sandler raised their target price on shares of Columbia Banking System from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. DA Davidson raised their target price on shares of Columbia Banking System from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, June 10th. Stephens upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 target price on the stock in a report on Monday, August 4th. Finally, Raymond James Financial upgraded shares of Columbia Banking System from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $27.00 to $31.00 in a report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.27.

Columbia Banking System Stock Performance

COLB opened at $25.80 on Thursday. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 10.24 and a beta of 0.66. The company has a fifty day moving average of $25.55 and a 200 day moving average of $24.28. Columbia Banking System has a fifty-two week low of $19.61 and a fifty-two week high of $32.85.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.10. The company had revenue of $511.55 million during 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%. Columbia Banking System’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the company posted $0.67 earnings per share. On average, equities research analysts forecast that Columbia Banking System will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a $0.36 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.6%. Columbia Banking System’s payout ratio is 57.14%.

Hedge Funds Weigh In On Columbia Banking System

A number of large investors have recently made changes to their positions in COLB. Geneos Wealth Management Inc. boosted its stake in shares of Columbia Banking System by 194.6% during the 1st 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 purchased a new position in shares of Columbia Banking System during the 1st quarter worth about $37,000. UMB Bank n.a. boosted its stake in shares of Columbia Banking System by 141.3% during the 1st 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. boosted its stake in shares of Columbia Banking System by 53.5% during the 2nd 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 purchased a new position in shares of Columbia Banking System during the 1st quarter worth about $53,000. 92.53% of the stock is 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.