Columbia Banking System (NASDAQ:COLB) Price Target Raised to $30.00

Columbia Banking System (NASDAQ:COLB) had its price target increased by Wells Fargo & Company from $28.00 to $30.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other brokerages have also recently commented on COLB. UBS Group reaffirmed a “neutral” rating and issued a $33.00 target price on shares of Columbia Banking System in a report on Wednesday, February 4th. TD Cowen reissued a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. DA Davidson boosted their price target on Columbia Banking System from $30.00 to $32.50 and gave the company a “neutral” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. upped their price objective on Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Finally, Wall Street Zen raised Columbia Banking System from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.04.

Columbia Banking System Trading Up 1.8%

Shares of COLB opened at $27.92 on Monday. The company’s 50 day simple moving average is $28.97 and its 200-day simple moving average is $27.84. The firm has a market cap of $8.25 billion, a PE ratio of 12.35 and a beta of 0.61. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.72 by $0.10. The firm had revenue of $715.00 million during the quarter, compared to the consensus estimate of $693.23 million. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. During the same quarter in the prior year, the firm earned $0.71 EPS. As a group, equities research analysts forecast that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 5.3%. The ex-dividend date was Friday, February 27th. Columbia Banking System’s dividend payout ratio (DPR) is 65.49%.

Insider Activity

In other news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Torran B. Nixon sold 2,240 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $28.85, for a total transaction of $64,624.00. Following the transaction, the vice president owned 98,229 shares in the company, valued at approximately $2,833,906.65. This trade represents a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 19,354 shares of company stock worth $561,971. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors have recently added to or reduced their stakes in COLB. Vanguard Group Inc. lifted its holdings in shares of Columbia Banking System by 41.3% in the 3rd quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after buying an additional 8,730,937 shares during the period. Wellington Management Group LLP boosted its stake in shares of Columbia Banking System by 135.2% in the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock valued at $354,754,000 after buying an additional 7,921,303 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Columbia Banking System by 68.1% during the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock worth $337,611,000 after acquiring an additional 5,313,883 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Columbia Banking System by 140.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider’s stock worth $242,237,000 after acquiring an additional 5,063,212 shares during the period. Finally, HoldCo Asset Management LP purchased a new position in Columbia Banking System in the second quarter worth $104,819,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.