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

Key Points

• Analyst consensus is “Hold”: Nine of 14 brokerages rate Columbia Banking System as a hold, while four recommend buying and one gives a strong-buy rating. The average one-year price target is $33.27, modestly above the reported $31.27 share price.
• Quarterly earnings slightly exceeded expectations: The company reported adjusted EPS of $0.76 versus the $0.73 consensus, although revenue of $680 million fell short of the $687.4 million estimate.
• Dividend yield remains attractive: Columbia Banking System pays a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 dividend and a 4.7% yield, with a payout ratio of 58.96%.

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 firm, MarketBeat.com reports. Nine analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $33.2692.

A number of brokerages have recently weighed in on COLB. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research note on Wednesday, July 1st. Wall Street Zen cut Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Piper Sandler upped their target price on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their price target on Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Finally, Royal Bank Of Canada lifted their price target on Columbia Banking System from $34.00 to $35.00 and gave the company a "sector perform" rating in a research report on Friday, July 24th.

Insiders Place Their Bets

In related news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Columbia Banking System

Several large investors have recently made changes to their positions in COLB. Geneos Wealth Management Inc. raised its holdings 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 worth $30,000 after purchasing an additional 794 shares in the last quarter. Cedar Mountain Advisors LLC boosted its holdings in Columbia Banking System by 571.7% during the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after buying an additional 949 shares in the last quarter. Horizon Investments LLC boosted its holdings in Columbia Banking System by 168.8% during the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after buying an additional 773 shares in the last quarter. Rossby Financial LCC acquired a new position in Columbia Banking System in the fourth quarter worth approximately $36,000. Finally, Hilton Head Capital Partners LLC bought a new position in shares of Columbia Banking System in the fourth quarter valued at $43,000. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $31.27 on Monday. The stock has a market cap of $9.05 billion, a P/E ratio of 12.46, a P/E/G ratio of 3.11 and a beta of 0.63. The firm's 50-day simple moving average is $31.16 and its 200 day simple moving average is $29.78. Columbia Banking System has a fifty-two week low of $22.77 and a fifty-two week high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.03. The firm had revenue of $680.00 million during the quarter, compared to analyst estimates 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 firm posted $0.76 EPS. On average, sell-side analysts anticipate that Columbia Banking System will post 3.02 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.7%. Columbia Banking System's dividend payout ratio (DPR) is currently 58.96%.

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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