Columbia Banking System (NASDAQ:COLB) Price Target Raised to $30.00 at Wells Fargo & Company

Columbia Banking System (NASDAQ:COLB) had its price target lifted by Wells Fargo & Company from $28.00 to $30.00 in a report released on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other research analysts have also issued reports on the company. DA Davidson boosted their target price on Columbia Banking System from $30.00 to $32.50 and gave the company a “neutral” rating in a report on Friday, January 23rd. Weiss Ratings cut shares of Columbia Banking System from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 17th. Royal Bank Of Canada raised their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. boosted their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Finally, TD Cowen restated a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $32.19.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $26.79 on Monday. The company has a 50-day simple moving average of $29.02 and a 200-day simple moving average of $27.83. Columbia Banking System has a one year low of $19.61 and a one year high of $32.70. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of 11.85 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. The firm had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same quarter last year, the company posted $0.71 earnings per share. As a group, research analysts forecast that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.48 dividend on an annualized basis and a yield of 5.5%. Columbia Banking System’s payout ratio is currently 65.49%.

Insider Activity

In other Columbia Banking System news, VP Torran B. Nixon sold 2,241 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $63,308.25. Following the completion of the transaction, the vice president directly owned 100,469 shares of the company’s stock, valued at approximately $2,838,249.25. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Steven R. Gardner sold 13,725 shares of Columbia Banking System stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The SEC filing for this sale provides additional information. Insiders have sold 19,354 shares of company stock worth $561,971 over the last 90 days. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of Columbia Banking System

Several large investors have recently bought and sold shares of COLB. Principal Financial Group Inc. lifted its holdings in shares of Columbia Banking System by 39.4% in the third quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider’s stock valued at $17,094,000 after purchasing an additional 187,551 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Columbia Banking System by 145.3% during 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. JPMorgan Chase & Co. raised its position in shares of Columbia Banking System by 14.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock worth $193,977,000 after purchasing an additional 929,862 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Columbia Banking System by 45.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider’s stock valued at $7,179,000 after buying an additional 87,627 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Columbia Banking System by 25.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock valued at $192,941,000 after buying an additional 1,497,177 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

About Columbia Banking System

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.