Columbia Banking System, Inc. (NASDAQ:COLB) Receives Average “Hold” Rating from Brokerages

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Columbia Banking System, Inc. (NASDAQ:COLBGet a rating) received an average recommendation of “Hold” by the seven rating agencies that cover the company, market beat reports. Four equity research analysts rated the stock with a hold recommendation and two gave the company a buy recommendation. The 12-month average price target among brokers who have reported on the stock in the past year is $35.60.

Several stock analysts have recently released reports on the company. Piper Sandler cut its price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 report. Raymond James cut his price target on Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating for the company in a Friday, April 22 report. StockNews.com assumed coverage on Columbia Banking System in a Thursday, March 31, report. They set a “holding” rating for the company. Keefe, Bruyette & Woods assumed coverage of the Columbia banking system in a report on Friday, February 11. They set a “market performance” rating for the company. Finally, Royal Bank of Canada raised its price target on Columbia Banking System from $35.00 to $36.00 and gave the stock an “sector performance” rating in a Friday, April 22 report.

In other news from Columbia’s banking system, Chief Financial Officer Aaron James Cerf acquired 3,000 shares in a transaction dated Monday, May 2. The shares were acquired at an average price of $28.00 per share, with a total value of $84,000.00. Following completion of the transaction, the CFO now directly owns 15,427 shares of the company, valued at $431,956. The purchase was disclosed in a document filed with the SEC, accessible via the SEC website. 0.62% of the shares are held by insiders.

Several large investors have recently changed their positions in the company. Crossmark Global Holdings Inc. increased its position in Columbia Banking System shares by 6.3% in the first quarter. Crossmark Global Holdings Inc. now owns 7,120 shares of the financial services provider valued at $230,000 after purchasing an additional 420 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Columbia Banking System by 3.0% during the first quarter. Mercer Global Advisors Inc. ADV now owns 16,106 shares of the financial services provider valued at $520,000 after acquiring 465 additional shares during the period. Guggenheim Capital LLC increased its position in Columbia Banking System by 5.1% during the third quarter. Guggenheim Capital LLC now owns 9,617 shares of the financial services provider valued at $365,000 after acquiring an additional 469 shares during the period. Profund Advisors LLC increased its position in Columbia Banking System by 6.5% during the fourth quarter. Profund Advisors LLC now owns 8,703 shares of the financial services provider valued at $285,000 after acquiring an additional 529 shares during the period. Finally, Mutual of America Capital Management LLC increased its position in Columbia Banking System by 5.5% during the first quarter. Mutual of America Capital Management LLC now owns 11,201 shares of the financial services provider valued at $361,000 after acquiring an additional 580 shares during the period. 94.44% of the shares are held by institutional investors and hedge funds.

Columbia Banking System Action opened at $28.39 on Friday. Columbia Banking System has a 1-year low of $27.61 and a 1-year high of $42.39. The company has a market capitalization of $2.23 billion, a PE ratio of 10.14 and a beta of 0.68. The stock’s 50-day moving average price is $29.77 and its 200-day moving average price is $32.79.

Colombian banking system (NASDAQ:COLBGet a rating) last released its quarterly results on Thursday, April 21. The financial services provider reported earnings per share of $0.81 for the quarter, beating consensus analyst estimates of $0.66 by $0.15. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. The company posted revenue of $170.38 million for the quarter, versus a consensus estimate of $166.09 million. In the same period a year earlier, the company had earned earnings per share of $0.73. The company’s revenue for the quarter increased by 15.8% compared to the same quarter last year. Research analysts expect Columbia Banking System to post EPS of 2.61 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 received a dividend of $0.30. This represents a dividend of $1.20 on an annualized basis and a dividend yield of 4.23%. The ex-dividend date was Tuesday, May 3. Columbia Banking System’s dividend payout ratio is currently 42.86%.

About the Columbia Banking System (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.

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