Columbia Banking System, Inc. (NASDAQ:COLB) Receives Average Recommendation of “Hold” from Brokerages

Shares of Columbia Banking System, Inc. (NASDAQ:COLB) have been assigned an average rating of “Hold” from the fifteen analysts that are currently covering the stock, Marketbeat reports. Ten equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $31.7308.

Several research firms recently weighed in on COLB. Wells Fargo & Company lifted their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. JPMorgan Chase & Co. cut their price target on shares of Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. DA Davidson lifted their price target on shares of 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 upgraded shares of Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Finally, Stephens lifted their price target on shares of Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, January 23rd.

Columbia Banking System Stock Down 1.0%

NASDAQ:COLB opened at $28.73 on Wednesday. The stock has a market cap of $8.32 billion, a P/E ratio of 11.45 and a beta of 0.63. The firm’s fifty day simple moving average is $28.30 and its 200 day simple moving average is $28.60. Columbia Banking System has a twelve month low of $21.91 and a twelve month high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.04. The business had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The firm’s revenue for the quarter was up 37.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share. On average, analysts expect that Columbia Banking System will post 3.08 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 5.2%. Columbia Banking System’s dividend payout ratio (DPR) is currently 58.96%.

Insider Buying and Selling

In other Columbia Banking System news, VP Torran B. Nixon sold 2,241 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the transaction, the vice president 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 can be accessed through this link. Insiders sold a total of 5,629 shares of company stock worth $158,044 over the last ninety days. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cim Investment Management Inc. lifted its position in Columbia Banking System by 28.2% during the first quarter. Cim Investment Management Inc. now owns 11,235 shares of the financial services provider’s stock valued at $308,000 after buying an additional 2,468 shares during the period. Bank of America Corp DE lifted its position in Columbia Banking System by 25.5% during the first quarter. Bank of America Corp DE now owns 1,451,405 shares of the financial services provider’s stock valued at $39,812,000 after buying an additional 294,537 shares during the period. Arete Wealth Advisors LLC purchased a new position in Columbia Banking System during the first quarter valued at $396,000. Amundi lifted its position in Columbia Banking System by 67.0% during the first quarter. Amundi now owns 67,135 shares of the financial services provider’s stock valued at $1,842,000 after buying an additional 26,924 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Columbia Banking System by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 20,287 shares of the financial services provider’s stock valued at $556,000 after buying an additional 1,041 shares during the period. Hedge funds and other institutional investors 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.