Columbia Banking System, Inc. (NASDAQ:COLB) Receives an Average Rating of “Buy” by Brokerages
Shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) have been assigned a consensus “Buy” recommendation by the eight brokerages that currently cover the company, Marketbeat.com reports. Four research analysts gave the stock a hold rating, two issued a buy rating and one gave the company a high buy rating. The average 1-year target price among analysts who have rated the stock over the past year is $36.00.
COLB has been the subject of a number of research reports. Keefe, Bruyette & Woods launched coverage on Columbia Banking System in a research report on Friday, February 11. They set a “market performance” rating for the company. StockNews.com launched coverage on Columbia Banking System in a research report on Thursday, March 31. They set a “hold” rating for the company. Piper Sandler reduced her price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research report. Zacks Investment Research upgraded Columbia Banking System from a “hold” rating to a “strong-buy” rating and set a price target of $38.00 for the company in a Thursday, March 31 research report. Finally, Royal Bank of Canada raised its price target on Columbia Banking System from $35.00 to $36.00 and gave the company an “industry performance” rating in a Friday 22 research report. april.
In related news, CFO Aaron James Deer bought 3,000 shares of Columbia Banking System in a trade on Monday, May 2. The shares were acquired at an average price of $28.00 per share, for a total transaction of $84,000.00. Following the completion of the transaction, the CFO now directly owns 15,427 shares of the company, valued at approximately $431,956. The purchase was disclosed in a filing with the SEC, which is available on the SEC’s website. Company insiders own 0.62% of the company’s shares.
Several large investors have recently increased or reduced their stake in the stock. State Street Corp increased its position in Columbia Banking System shares by 17.2% in the first quarter. State Street Corp now owns 5,810,585 shares of the financial services provider worth $187,508,000 after buying an additional 853,211 shares last quarter. Graham Capital Management LP bought a new stake in shares of Columbia Banking System during the first quarter worth approximately $572,000. Maven Securities LTD increased its position in Columbia Banking System shares by 26.7% in the first quarter. Maven Securities LTD now owns 124,564 shares of the financial services provider worth $4,020,000 after buying an additional 26,252 shares last quarter. Invesco Ltd. increased its position in Columbia Banking System shares by 70.2% during the first quarter. Invesco Ltd. now owns 1,110,106 shares of the financial services provider worth $35,822,000 after purchasing an additional 457,912 shares last quarter. Finally, Hsbc Holdings PLC increased its position in Columbia Banking System shares by 46.1% during the first quarter. Hsbc Holdings PLC now owns 29,138 shares of the financial services provider worth $945,000 after buying an additional 9,194 shares last quarter. Hedge funds and other institutional investors hold 94.44% of the company’s shares.
NASDAQ:COLB shares opened at $28.12 on Tuesday. The company has a market capitalization of $2.21 billion, a P/E ratio of 10.04 and a beta of 0.68. Columbia Banking System has a 1-year low of $27.61 and a 1-year high of $44.20. The stock’s fifty-day moving average price is $31.35 and its 200-day moving average price is $33.52.
Columbia Banking System (NASDAQ:COLB – Get Rating) last announced its quarterly results on Thursday, April 21. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, beating consensus analyst estimates of $0.66 by $0.15. The company posted revenue of $170.38 million for the quarter, versus a consensus estimate of $166.09 million. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. The company’s quarterly revenue increased 15.8% year over year. In the same period a year earlier, the company posted earnings per share of $0.73. On average, sell-side analysts expect Columbia Banking System to post 2.6 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 will receive a dividend of $0.30. This represents a dividend of $1.20 on an annualized basis and a yield of 4.27%. The ex-dividend date is Tuesday, May 3. Columbia Banking System’s payout rate is 42.86%.
Columbia Banking System Company Profile (Get a rating)
Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Columbia Banking System right now?
Before you consider Columbia Banking System, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market goes higher…and Columbia Banking System wasn’t on the list.
While Columbia Banking System currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here