Columbia Banking System (NASDAQ:COLB) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Columbia Banking System (NASDAQ:COLBFree Report) from a sell rating to a hold rating in a report issued on Thursday morning.

COLB has been the topic of several other reports. Truist Financial cut their price target on shares of Columbia Banking System from $22.00 to $20.00 and set a hold rating on the stock in a research report on Monday, April 1st. JPMorgan Chase & Co. dropped their target price on shares of Columbia Banking System from $23.00 to $22.00 and set a neutral rating on the stock in a report on Thursday, April 4th. Piper Sandler reaffirmed an overweight rating and issued a $27.00 target price on shares of Columbia Banking System in a report on Wednesday. Citigroup dropped their target price on shares of Columbia Banking System from $25.00 to $20.00 and set a neutral rating on the stock in a report on Wednesday, March 13th. Finally, TheStreet cut shares of Columbia Banking System from a b- rating to a c+ rating in a report on Thursday, February 22nd. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $22.04.

Get Our Latest Report on COLB

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $18.89 on Thursday. The company’s 50-day moving average price is $19.08 and its two-hundred day moving average price is $20.98. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11. The stock has a market capitalization of $3.96 billion, a PE ratio of 8.11 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLBGet Free Report) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.53 by $0.12. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The firm had revenue of $473.72 million for the quarter, compared to analysts’ expectations of $480.39 million. During the same period in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts anticipate that Columbia Banking System will post 2.44 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 24th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.62%. Columbia Banking System’s payout ratio is presently 61.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in COLB. Fifth Third Bancorp grew its position in shares of Columbia Banking System by 113.4% during the 1st quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 1,047 shares in the last quarter. First Pacific Financial acquired a new position in shares of Columbia Banking System during the 4th quarter worth approximately $40,000. Headlands Technologies LLC acquired a new position in shares of Columbia Banking System during the 4th quarter worth approximately $42,000. GAMMA Investing LLC acquired a new stake in shares of Columbia Banking System during the 4th quarter worth approximately $48,000. Finally, Cerity Partners LLC acquired a new stake in shares of Columbia Banking System during the 4th quarter worth approximately $59,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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