Columbia Banking System, Inc. (NASDAQ:COLB) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Analyst sentiment is mixed but leans cautious: Columbia Banking System has a consensus rating of "Hold" from 14 covering brokerages, with an average 12-month price target of about $32.13.
• Recent earnings beat expectations: The company reported $0.72 EPS for the latest quarter, topping estimates, while revenue came in slightly below forecasts at $675 million.
• The stock is trading near its highs and pays a solid dividend: COLB was up 1.6% to $31.31, close to its 52-week high of $32.70, and it recently declared a quarterly dividend of $0.37 per share, implying a 4.7% annual yield.

Shares of Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) have been assigned an average recommendation of "Hold" from the fourteen ratings firms that are presently covering the stock, Marketbeat.com reports. Nine research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $32.1250.

Several analysts have weighed in on COLB shares. UBS Group started coverage on Columbia Banking System in a report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price objective for the company. Citigroup upped their price target on Columbia Banking System from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. lowered their price target on Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating for the company in a research note on Wednesday, April 1st. Piper Sandler upped their price target on Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Finally, Wall Street Zen cut Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the company's stock in a transaction dated 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 represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by company insiders.

Institutional Trading of Columbia Banking System

A number of institutional investors and hedge funds have recently modified their holdings of COLB. Geneos Wealth Management Inc. increased its stake in shares of Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 794 shares during the last quarter. Cedar Mountain Advisors LLC increased its stake in Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after purchasing an additional 949 shares in the last quarter. Horizon Investments LLC increased its stake in Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after purchasing an additional 773 shares in the last quarter. Rossby Financial LCC bought a new stake in Columbia Banking System during the 4th quarter worth approximately $36,000. Finally, Hilton Head Capital Partners LLC bought a new stake in Columbia Banking System during the 4th quarter worth approximately $43,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Trading Up 1.6%

Shares of NASDAQ:COLB opened at $31.31 on Friday. The stock has a market capitalization of $9.06 billion, a P/E ratio of 12.47 and a beta of 0.63. Columbia Banking System has a 1-year low of $21.91 and a 1-year high of $32.70. The business has a 50-day moving average price of $29.36 and a two-hundred day moving average price of $28.99.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.04. The firm had revenue of $675.00 million during the quarter, compared to analysts' expectations of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The company's quarterly revenue was up 37.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.67 EPS. As a group, equities analysts predict that Columbia Banking System will post 3.08 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.7%. Columbia Banking System's dividend payout ratio is 58.96%.

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.

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