Zacks Research upgraded shares of Columbia Banking System (NASDAQ:COLB – Free Report) from a strong sell rating to a hold rating in a research note released on Monday morning,Zacks reports.
Other equities analysts have also recently issued reports about the company. Wells Fargo & Company raised their target price on Columbia Banking System from $32.00 to $34.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. JPMorgan Chase & Co. raised their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. DA Davidson upgraded Columbia Banking System from a “neutral” rating to a “buy” rating and increased their price objective for the company from $33.00 to $36.00 in a research note on Tuesday. Stephens increased their price target on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Weiss Ratings raised shares of Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.
View Our Latest Report on COLB
Columbia Banking System Stock Performance
Columbia Banking System (NASDAQ:COLB – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The business had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter in the prior year, the company posted $0.76 EPS. On average, analysts predict that Columbia Banking System will post 3.03 EPS for the current fiscal year.
Columbia Banking System Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Friday, August 28th. Columbia Banking System’s dividend payout ratio (DPR) is 58.96%.
Insider Buying and Selling
In other news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Columbia Banking System
Several hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC boosted its position in shares of Columbia Banking System by 35.4% in the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock worth $1,402,000 after buying an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Columbia Banking System by 23.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock valued at $2,063,000 after purchasing an additional 15,845 shares during the last quarter. Millennium Management LLC raised its position in shares of Columbia Banking System by 572.7% during the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after purchasing an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Columbia Banking System by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock valued at $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock valued at $22,128,000 after buying an additional 16,165 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.
Columbia Banking System Company Profile
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.
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