Investment Analysts’ Recent Ratings Updates for Columbia Banking System (COLB)

Posted by Anthony Miller on Apr 24th, 2024

Columbia Banking System (NASDAQ: COLB) recently received a number of ratings updates from brokerages and research firms:

4/10/2024 – Columbia Banking System had its price target lowered by analysts at Wells Fargo & Company from $25.00 to $22.00. They now have an “equal weight” rating on the stock.
4/9/2024 – Columbia Banking System had its price target lowered by analysts at Royal Bank of Canada from $25.00 to $21.00. They now have a “sector perform” rating on the stock.
4/5/2024 – Columbia Banking System had its price target lowered by analysts at Keefe, Bruyette & Woods from $25.00 to $23.00. They now have a “market perform” rating on the stock.
4/4/2024 – Columbia Banking System had its price target lowered by analysts at JPMorgan Chase & Co. from $23.00 to $22.00. They now have a “neutral” rating on the stock.
4/1/2024 – Columbia Banking System had its price target lowered by analysts at Truist Financial Co. from $22.00 to $20.00. They now have a “hold” rating on the stock.
3/13/2024 – Columbia Banking System had its price target lowered by analysts at DA Davidson from $25.00 to $20.00. They now have a “neutral” rating on the stock.
3/13/2024 – Columbia Banking System had its price target lowered by analysts at Citigroup Inc. from $25.00 to $20.00. They now have a “neutral” rating on the stock.
3/12/2024 – Columbia Banking System was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
3/8/2024 – Columbia Banking System is now covered by analysts at Barclays PLC. They set an “equal weight” rating and a $20.00 price target on the stock.
3/4/2024 – Columbia Banking System was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.

Columbia Banking System Price Performance

Columbia Banking System stock traded down $0.06 during midday trading on Wednesday, reaching $19.02. 632,246 shares of the company traded hands, compared to its average volume of 2,840,917. Columbia Banking System, Inc. has a 12 month low of $17.08 and a 12 month high of $28.11. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 11.53 and a beta of 0.71. The business has a 50 day moving average of $18.49 and a two-hundred day moving average of $21.18.

Columbia Banking System (NASDAQ:COLB – Get Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.35). The firm had revenue of $519.16 million for the quarter, compared to the consensus estimate of $525.94 million. Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The firm’s revenue for the quarter was up 52.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 earnings per share. As a group, equities analysts forecast that Columbia Banking System, Inc. will post 2.25 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were issued a dividend of $0.36 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.57%. Columbia Banking System’s payout ratio is 87.27%.

Insider Activity at Columbia Banking System

In other Columbia Banking System news, insider Aaron James Deer purchased 2,000 shares of Columbia Banking System stock in a transaction dated Thursday, February 1st. The stock was acquired at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the acquisition, the insider now owns 36,850 shares in the company, valued at approximately $711,942. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Christopher Merrywell acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were purchased at an average price of $21.09 per share, with a total value of $105,450.00. Following the transaction, the vice president now directly owns 50,727 shares in the company, valued at $1,069,832.43. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Aaron James Deer acquired 2,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was purchased at an average cost of $19.32 per share, for a total transaction of $38,640.00. Following the transaction, the insider now owns 36,850 shares in the company, valued at $711,942. The disclosure for this purchase can be found here. Insiders purchased 35,133 shares of company stock worth $719,737 in the last 90 days. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Columbia Banking System by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,753,210 shares of the financial services provider’s stock valued at $580,376,000 after acquiring an additional 123,120 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Columbia Banking System by 9.9% during the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after buying an additional 700,643 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Columbia Banking System by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,079,502 shares of the financial services provider’s stock worth $143,714,000 after buying an additional 26,010 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Columbia Banking System by 16.2% during the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after buying an additional 637,212 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Columbia Banking System by 32.5% during the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after buying an additional 967,009 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.