Analysts Set Columbia Banking System, Inc. (NASDAQ:COLB) Target Price at $30.08

Columbia Banking System, Inc. (NASDAQ:COLB) has earned a consensus rating of “Hold” from the sixteen ratings firms that are presently covering the stock, MarketBeat reports. Twelve research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $30.0769.

Several equities analysts have weighed in on COLB shares. TD Cowen lifted their price target on shares of Columbia Banking System from $28.00 to $32.00 and gave the company a “hold” rating in a report on Wednesday, January 7th. Piper Sandler set a $33.00 target price on shares of Columbia Banking System in a research note on Monday, November 3rd. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Columbia Banking System in a report on Monday, December 29th. Finally, Barclays upped their price objective on Columbia Banking System from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday, December 19th.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds have recently modified their holdings of the stock. True Wealth Design LLC grew its stake in Columbia Banking System by 612.8% during the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 864 shares in the last quarter. West Oak Capital LLC bought a new position in shares of Columbia Banking System during the 3rd quarter valued at about $28,000. Quent Capital LLC bought a new position in shares of Columbia Banking System during the 3rd quarter valued at about $29,000. Geneos Wealth Management Inc. grew its position in shares of Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares in the last quarter. Finally, First Horizon Corp bought a new stake in shares of Columbia Banking System in the third quarter worth about $31,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $28.91 on Thursday. The stock has a 50-day simple moving average of $28.17 and a two-hundred day simple moving average of $26.48. The firm has a market capitalization of $8.65 billion, a PE ratio of 13.02 and a beta of 0.60. Columbia Banking System has a 52-week low of $19.61 and a 52-week high of $29.72.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.19. The firm had revenue of $577.00 million for the quarter, compared to analysts’ expectations of $565.11 million. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%.The business’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. Equities analysts forecast that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 5.1%. The ex-dividend date was Friday, November 28th. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s dividend payout ratio is currently 66.67%.

About Columbia Banking System

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.