Columbia Banking System (NASDAQ:COLB) Price Target Cut to $29.00 by Analysts at Barclays

Columbia Banking System (NASDAQ:COLB) had its price target lowered by Barclays from $30.00 to $29.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on COLB. Royal Bank Of Canada increased 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 report on Friday, January 23rd. Citigroup increased their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Piper Sandler cut their price objective on shares of Columbia Banking System from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.58.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $27.68 on Tuesday. The stock has a market capitalization of $8.03 billion, a price-to-earnings ratio of 12.25 and a beta of 0.61. Columbia Banking System has a 1-year low of $19.96 and a 1-year high of $32.70. The company’s fifty day moving average is $28.86 and its two-hundred day moving average is $27.91.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. The company had revenue of $715.00 million for the quarter, compared to analysts’ expectations of $693.23 million. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. During the same period in the prior year, the company earned $0.71 earnings per share. Sell-side analysts expect that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 5.3%. Columbia Banking System’s payout ratio is currently 65.49%.

Insider Activity at Columbia Banking System

In other news, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $63,308.25. Following the transaction, the vice president owned 100,469 shares of the company’s stock, valued at $2,838,249.25. The trade was a 2.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven R. Gardner sold 13,725 shares of Columbia Banking System stock in a transaction that occurred on Friday, January 30th. The stock was 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 sold a total of 19,354 shares of company stock worth $561,971 in the last ninety days. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Several hedge funds have recently made changes to their positions in COLB. Vanguard Group Inc. grew its stake in shares of Columbia Banking System by 41.3% in the 3rd quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock worth $768,375,000 after purchasing an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Columbia Banking System by 135.2% in the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock worth $354,754,000 after purchasing an additional 7,921,303 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Columbia Banking System by 68.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock worth $337,611,000 after purchasing an additional 5,313,883 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Columbia Banking System by 140.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider’s stock worth $242,237,000 after purchasing an additional 5,063,212 shares during the last quarter. Finally, HoldCo Asset Management LP acquired a new position in shares of Columbia Banking System in the second quarter worth about $104,819,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Company Profile

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.