Wedbush Reaffirms “Neutral” Rating for Columbia Banking System (NASDAQ:COLB)

Wedbush restated their neutral rating on shares of Columbia Banking System (NASDAQ:COLB) in a research note published on Friday, Benzinga reports. They currently have a $20.00 price target on the financial services provider’s stock. Wedbush also issued estimates for Columbia Banking System’s Q3 2024 earnings at $0.58 EPS and FY2025 earnings at $2.65 EPS.

Several other equities research analysts have also commented on COLB. StockNews.com lowered Columbia Banking System from a hold rating to a sell rating in a research report on Tuesday, March 12th. Barclays began coverage on Columbia Banking System in a report on Friday, March 8th. They set an equal weight rating and a $20.00 price target on the stock. Piper Sandler lowered their price objective on shares of Columbia Banking System from $36.00 to $29.00 and set an overweight rating for the company in a research note on Thursday, January 25th. TheStreet lowered shares of Columbia Banking System from a b- rating to a c+ rating in a research note on Thursday, February 22nd. Finally, Wells Fargo & Company decreased their price target on shares of Columbia Banking System from $25.00 to $22.00 and set an equal weight rating for the company in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $22.19.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $18.97 on Friday. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 8.14 and a beta of 0.71. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11. The firm has a 50 day moving average price of $18.52 and a two-hundred day moving average price of $21.15.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $473.72 million during the quarter, compared to the consensus estimate of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. Columbia Banking System’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 earnings per share. As a group, equities research analysts predict that Columbia Banking System will post 2.25 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 7.59%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s payout ratio is currently 61.80%.

Insider Buying and Selling at Columbia Banking System

In other news, Director Luis Machuca bought 4,889 shares of Columbia Banking System stock in a transaction dated Wednesday, January 31st. The stock was purchased at an average price of $20.58 per share, for a total transaction of $100,615.62. Following the purchase, the director now directly owns 60,835 shares in the company, valued at approximately $1,251,984.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Columbia Banking System news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average cost of $18.48 per share, with a total value of $49,618.80. Following the transaction, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Luis Machuca purchased 4,889 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was bought at an average cost of $20.58 per share, for a total transaction of $100,615.62. Following the completion of the acquisition, the director now directly owns 60,835 shares in the company, valued at approximately $1,251,984.30. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 9,574 shares of company stock worth $188,874. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Several large investors have recently modified their holdings of COLB. Commonwealth Equity Services LLC increased its position in Columbia Banking System by 9.2% in the first quarter. Commonwealth Equity Services LLC now owns 57,745 shares of the financial services provider’s stock worth $1,117,000 after buying an additional 4,856 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Columbia Banking System by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 785,352 shares of the financial services provider’s stock worth $15,197,000 after acquiring an additional 19,621 shares during the period. ZWJ Investment Counsel Inc. increased its holdings in Columbia Banking System by 4.0% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 102,731 shares of the financial services provider’s stock worth $1,988,000 after acquiring an additional 3,986 shares during the last quarter. Peregrine Capital Management LLC lifted its holdings in Columbia Banking System by 23.1% during the first quarter. Peregrine Capital Management LLC now owns 396,177 shares of the financial services provider’s stock valued at $7,666,000 after purchasing an additional 74,357 shares during the last quarter. Finally, Verdence Capital Advisors LLC bought a new position in Columbia Banking System during the first quarter worth about $311,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

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.