Columbia Banking System (NASDAQ:COLB) Price Target Raised to $32.00

Columbia Banking System (NASDAQ:COLB) had its target price lifted by TD Cowen from $28.00 to $32.00 in a research note released on Wednesday,Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on the stock. Zacks Research cut shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Cowen reissued a “hold” rating on shares of Columbia Banking System in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. Raymond James Financial raised Columbia Banking System from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $27.00 to $31.00 in a report on Monday, September 15th. Finally, Citigroup boosted their price objective on Columbia Banking System from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.92.

Columbia Banking System Stock Down 1.1%

Shares of Columbia Banking System stock opened at $29.05 on Wednesday. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $29.72. The firm has a market capitalization of $8.69 billion, a PE ratio of 13.09 and a beta of 0.60. The stock’s fifty day moving average is $27.96 and its 200-day moving average is $26.28.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The business had revenue of $348.47 million for the quarter. Analysts expect that Columbia Banking System will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 5.1%. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, November 28th. Columbia Banking System’s dividend payout ratio (DPR) is presently 66.67%.

Institutional Trading of Columbia Banking System

Several institutional investors have recently added to or reduced their stakes in COLB. Vanguard Group Inc. raised its position in shares of Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after buying an additional 8,730,937 shares in the last quarter. Wellington Management Group LLP increased its stake in Columbia Banking System by 135.2% during 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 acquiring an additional 7,921,303 shares during the period. State Street Corp raised its holdings in Columbia Banking System by 32.5% in the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after acquiring an additional 3,290,560 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Columbia Banking System by 68.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock valued at $337,611,000 after acquiring an additional 5,313,883 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Columbia Banking System by 11.9% during the 3rd quarter. American Century Companies Inc. now owns 10,016,178 shares of the financial services provider’s stock worth $257,816,000 after purchasing an additional 1,067,491 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.