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

Key Points

• Analyst consensus: Fifteen brokerages rate Columbia Banking System a consensus "Hold" (10 Hold, 4 Buy, 1 Strong Buy) with an average 12‑month target price of about $32.04.
• Recent results and dividend: Columbia beat estimates with Q earnings of $0.82 vs. $0.72 expected and $715M revenue, and announced a quarterly dividend of $0.37 (annualized $1.48), implying a ~5.3% yield.
• Ownership moves: Insiders sold 18,206 shares (~$531,859) over the last quarter while institutional ownership is very high at 92.53%, with large position increases from firms like Millennium, Goldman Sachs and UBS.

Shares of Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) have been assigned an average recommendation of "Hold" from the fifteen ratings firms that are presently covering the company, MarketBeat.com reports. Ten research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $32.0385.

Several equities research analysts recently issued reports on the stock. TD Cowen restated a "hold" rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $31.00 to $33.00 and gave the company an "outperform" rating in a report on Wednesday, December 17th. Stephens lifted their price objective on Columbia Banking System from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Friday, January 23rd. Barclays increased their target price on Columbia Banking System from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Friday, December 19th. Finally, DA Davidson boosted their price target on Columbia Banking System from $30.00 to $32.50 and gave the company a "neutral" rating in a research note on Friday, January 23rd.

Insider Activity at Columbia Banking System

In related news, Director Steven R. Gardner sold 13,725 shares of the firm's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $63,308.25. Following the transaction, the vice president owned 100,469 shares in the company, valued at $2,838,249.25. This trade represents a 2.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 18,206 shares of company stock worth $531,859 over the last quarter. Insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in COLB. AQR Capital Management LLC lifted its position in shares of Columbia Banking System by 35.4% during the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock valued at $1,402,000 after buying an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Columbia Banking System by 23.7% during 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 in the last quarter. Millennium Management LLC boosted its position in shares of Columbia Banking System by 572.7% in the first 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 period. Goldman Sachs Group Inc. boosted its position in shares of Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider's stock worth $12,290,000 after purchasing an additional 108,994 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Columbia Banking System by 1.9% in the first 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 worth $22,128,000 after purchasing an additional 16,165 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Performance

NASDAQ COLB opened at $28.00 on Friday. Columbia Banking System has a one year low of $19.61 and a one year high of $32.70. The stock has a 50-day moving average of $29.66 and a 200 day moving average of $27.79. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of 12.39 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The business had revenue of $715.00 million for the quarter, compared to analysts' expectations of $693.23 million. During the same quarter in the prior year, the business earned $0.71 EPS. On average, equities analysts predict that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 5.3%. The ex-dividend date is Friday, February 27th. Columbia Banking System's payout ratio is 65.49%.

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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