Columbia Banking System (NASDAQ:COLB) Price Target Raised to $25.00 at Wedbush

Columbia Banking System (NASDAQ:COLB) had its price objective hoisted by Wedbush from $20.00 to $25.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock. Wedbush also issued estimates for Columbia Banking System’s Q3 2024 earnings at $0.57 EPS and FY2024 earnings at $2.50 EPS.

COLB has been the subject of several other research reports. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an equal weight rating in a research report on Friday. Keefe, Bruyette & Woods raised their price target on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a research note on Friday. StockNews.com raised shares of Columbia Banking System from a sell rating to a hold rating in a report on Wednesday. Barclays increased their price objective on Columbia Banking System from $21.00 to $24.00 and gave the company an equal weight rating in a report on Friday. Finally, Royal Bank of Canada boosted their target price on Columbia Banking System from $21.00 to $26.00 and gave the company a sector perform rating in a research note on Friday. Twelve investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $23.81.

Columbia Banking System Stock Up 11.6 %

Columbia Banking System stock opened at $26.99 on Friday. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11. The company’s 50 day moving average price is $20.14 and its two-hundred day moving average price is $19.88. The stock has a market cap of $5.65 billion, a P/E ratio of 11.58 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a return on equity of 10.95% and a net margin of 15.94%. Columbia Banking System’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. On average, equities analysts anticipate that Columbia Banking System will post 2.44 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.34%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC raised its holdings in shares of Columbia Banking System by 17.8% in the 4th quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 595 shares in the last quarter. Retirement Systems of Alabama raised its stake in Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock valued at $5,068,000 after purchasing an additional 700 shares in the last quarter. Essex Financial Services Inc. lifted its position in Columbia Banking System by 3.8% during the first quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider’s stock valued at $379,000 after purchasing an additional 725 shares during the last quarter. Caprock Group LLC lifted its position in Columbia Banking System by 2.3% during the fourth quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock valued at $925,000 after purchasing an additional 781 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in Columbia Banking System by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock worth $2,460,000 after buying an additional 900 shares in the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

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.