Columbia Banking System (NASDAQ:COLB) Given New $30.00 Price Target at Citigroup

Columbia Banking System (NASDAQ:COLB) had its target price trimmed by Citigroup from $31.00 to $30.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Raymond James increased their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada raised their price objective on Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Truist Financial upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, October 28th. JPMorgan Chase & Co. decreased their price target on Columbia Banking System from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods dropped their price objective on Columbia Banking System from $34.00 to $33.00 and set a “market perform” rating on the stock in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and an average price target of $30.00.

Columbia Banking System Price Performance

COLB opened at $28.13 on Monday. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 12.18 and a beta of 0.67. The business’s 50-day moving average price is $28.73 and its two-hundred day moving average price is $26.83. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $32.85.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.71 EPS for the quarter, beating the consensus estimate of $0.65 by $0.06. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. Sell-side analysts anticipate that Columbia Banking System will post 2.66 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend was Friday, November 29th. Columbia Banking System’s payout ratio is 62.34%.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP grew its holdings in Columbia Banking System by 0.3% in the 3rd quarter. Allworth Financial LP now owns 175,538 shares of the financial services provider’s stock valued at $4,583,000 after buying an additional 458 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Columbia Banking System by 1.1% in the third quarter. Tidal Investments LLC now owns 43,184 shares of the financial services provider’s stock valued at $1,128,000 after acquiring an additional 464 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Columbia Banking System by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,256 shares of the financial services provider’s stock worth $1,025,000 after acquiring an additional 544 shares during the period. Sippican Capital Advisors raised its stake in Columbia Banking System by 0.5% in the 3rd quarter. Sippican Capital Advisors now owns 111,172 shares of the financial services provider’s stock worth $2,903,000 after purchasing an additional 552 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Columbia Banking System by 2.0% in the 4th quarter. Pacer Advisors Inc. now owns 31,238 shares of the financial services provider’s stock valued at $844,000 after purchasing an additional 612 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

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.