Columbia Banking System (NASDAQ:COLB) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of Columbia Banking System (NASDAQ:COLBFree Report) from a sell rating to a hold rating in a research report released on Friday.

COLB has been the topic of several other reports. DA Davidson reduced their target price on Columbia Banking System from $25.00 to $20.00 and set a neutral rating on the stock in a research report on Wednesday, March 13th. Citigroup reduced their target price on Columbia Banking System from $25.00 to $20.00 and set a neutral rating on the stock in a research report on Wednesday, March 13th. Royal Bank of Canada cut their price objective on Columbia Banking System from $25.00 to $21.00 and set a sector perform rating on the stock in a report on Tuesday, April 9th. Barclays increased their price objective on Columbia Banking System from $20.00 to $21.00 and gave the company an equal weight rating in a report on Friday, April 26th. Finally, Piper Sandler reissued an overweight rating and issued a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System presently has an average rating of Hold and an average price target of $22.04.

Read Our Latest Stock Analysis on COLB

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $18.82 on Friday. The business’s 50-day moving average is $19.08 and its 200 day moving average is $20.82. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.11. The firm has a market capitalization of $3.94 billion, a P/E ratio of 8.08 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLBGet Free Report) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.12. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The company had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. During the same period in the prior year, the company posted $0.46 EPS. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts expect that Columbia Banking System will post 2.44 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were paid a $0.36 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.65%. Columbia Banking System’s payout ratio is 61.80%.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Columbia Banking System by 13,181.9% in the first quarter. EverSource Wealth Advisors LLC now owns 16,868 shares of the financial services provider’s stock worth $317,000 after buying an additional 16,741 shares during the last quarter. Clean Yield Group boosted its position in Columbia Banking System by 74.1% during the first quarter. Clean Yield Group now owns 8,892 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 3,785 shares in the last quarter. Interval Partners LP purchased a new position in Columbia Banking System during the first quarter worth approximately $1,829,000. Silvercrest Asset Management Group LLC boosted its position in Columbia Banking System by 21.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after purchasing an additional 788,383 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Columbia Banking System by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 108,148 shares of the financial services provider’s stock worth $2,093,000 after purchasing an additional 6,351 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

(Get Free Report)

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.

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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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