Columbia Banking System (NASDAQ:COLB) Price Target Raised to $28.00 at Wells Fargo & Company

Columbia Banking System (NASDAQ:COLB) had its price objective hoisted by Wells Fargo & Company from $26.00 to $28.00 in a research note released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on COLB. Royal Bank of Canada upped their price target on Columbia Banking System from $21.00 to $26.00 and gave the stock a sector perform rating in a report on Friday, July 26th. Wedbush raised Columbia Banking System from a neutral rating to an outperform rating and upped their target price for the company from $28.00 to $31.00 in a report on Tuesday, September 24th. Stephens lifted their price target on Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a research note on Friday, July 26th. Truist Financial lowered their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a hold rating on the stock in a research note on Friday, September 20th. Finally, Barclays raised their target price on shares of Columbia Banking System from $24.00 to $25.00 and gave the company an equal weight rating in a report on Friday, September 27th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $25.65.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $25.28 on Tuesday. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.11. The stock has a fifty day moving average price of $24.58 and a two-hundred day moving average price of $21.24. The stock has a market capitalization of $5.29 billion, a price-to-earnings ratio of 10.85 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter last year, the business earned $0.81 earnings per share. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, analysts predict that Columbia Banking System will post 2.55 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.70%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds have recently made changes to their positions in the business. Ariadne Wealth Management LP acquired a new position in Columbia Banking System in the second quarter valued at $252,000. Cetera Investment Advisers increased its stake in Columbia Banking System by 135.8% during the second quarter. Cetera Investment Advisers now owns 111,009 shares of the financial services provider’s stock worth $2,208,000 after acquiring an additional 63,932 shares during the last quarter. Creative Planning raised its holdings in shares of Columbia Banking System by 39.2% in the 2nd quarter. Creative Planning now owns 42,063 shares of the financial services provider’s stock worth $837,000 after purchasing an additional 11,836 shares during the period. Algert Global LLC raised its holdings in shares of Columbia Banking System by 6.2% in the 2nd quarter. Algert Global LLC now owns 321,874 shares of the financial services provider’s stock worth $6,402,000 after purchasing an additional 18,708 shares during the period. Finally, Scientech Research LLC acquired a new position in shares of Columbia Banking System in the 2nd quarter valued at about $307,000. Institutional investors and hedge funds 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.