Columbia Banking System (NASDAQ:COLB) Given New $30.00 Price Target at Barclays

Key Points

• Barclays has raised its target price for Columbia Banking System from $27.00 to $30.00, suggesting a potential upside of 22.17% from the current stock price.
• The stock currently holds an average rating of "Hold" with a consensus price target of $28.86 from twelve analysts.
• Columbia Banking System reported earnings of $0.76 per share, exceeding estimates and showcasing a revenue increase of 8.2% year-over-year.

Columbia Banking System (NASDAQ:COLB - Free Report) had its target price lifted by Barclays from $27.00 to $30.00 in a report released on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the financial services provider's stock.

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. decreased their price objective on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating for the company in a research report on Tuesday, July 1st. Raymond James Financial set a $27.00 price target on Columbia Banking System and gave the company an "outperform" rating in a report on Thursday, April 24th. Jefferies Financial Group began coverage on Columbia Banking System in a report on Wednesday, May 21st. They set a "hold" rating and a $27.00 price target for the company. Wall Street Zen began coverage on Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating for the company. Finally, Keefe, Bruyette & Woods reduced their price target on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating for the company in a report on Thursday, April 24th. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $28.93.

Columbia Banking System Trading Down 2.8%

NASDAQ COLB traded down $0.66 during trading on Monday, reaching $23.14. 230,366 shares of the company's stock were exchanged, compared to its average volume of 1,941,181. Columbia Banking System has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The firm has a market capitalization of $4.86 billion, a PE ratio of 9.14 and a beta of 0.62. The company's fifty day simple moving average is $23.84 and its 200-day simple moving average is $24.68.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.10. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%. The firm had revenue of $511.55 million during the quarter, compared to analyst estimates of $492.00 million. During the same period last year, the company posted $0.67 EPS. The business's quarterly revenue was up 8.2% compared to the same quarter last year. Equities analysts forecast that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date of this dividend was Friday, May 30th. Columbia Banking System's dividend payout ratio (DPR) is presently 57.14%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in Columbia Banking System by 221.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,947,950 shares of the financial services provider's stock worth $148,342,000 after buying an additional 4,096,733 shares during the period. Norges Bank bought a new position in Columbia Banking System in the 4th quarter worth approximately $65,249,000. Dimensional Fund Advisors LP increased its position in Columbia Banking System by 18.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider's stock worth $162,791,000 after buying an additional 1,012,796 shares during the period. Raymond James Financial Inc. bought a new position in Columbia Banking System in the 4th quarter worth approximately $22,476,000. Finally, MetLife Investment Management LLC increased its position in Columbia Banking System by 528.4% in the 1st quarter. MetLife Investment Management LLC now owns 742,107 shares of the financial services provider's stock worth $18,508,000 after buying an additional 624,011 shares during the period. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Company Profile

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.