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.

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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.

Further reading

Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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