Columbia Banking System (NASDAQ:COLB) Price Target Raised to $32.00 at Piper Sandler

Key Points

• Piper Sandler has raised the price target for Columbia Banking System's stock to $32.00, indicating a potential upside of 29.53% from its previous close.
• Other analysts have mixed opinions, with Royal Bank of Canada lowering its target from $32.00 to $27.00 and JPMorgan Chase & Co. setting a target of $24.00.
• Columbia Banking System reported a net income of $0.76 EPS for the last quarter, surpassing estimates and showing a revenue increase of 8.2% year-over-year.

Columbia Banking System (NASDAQ:COLB - Free Report) had its price objective lifted by Piper Sandler from $30.00 to $32.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

COLB has been the topic of a number of other reports. Keefe, Bruyette & Woods lowered their target price on shares of Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a report on Thursday, April 24th. DA Davidson boosted their target price on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Wells Fargo & Company downgraded shares of Columbia Banking System from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $29.00 to $27.00 in a report on Thursday, July 10th. Wall Street Zen assumed coverage on shares of Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating on the stock. Finally, Barclays decreased their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $28.93.

Columbia Banking System Stock Down 0.3%

Shares of COLB stock traded down $0.08 during trading on Monday, reaching $23.80. The company's stock had a trading volume of 2,074,141 shares, compared to its average volume of 1,953,829. The business has a fifty day moving average price of $23.84 and a 200-day moving average price of $24.70. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 9.44 and a beta of 0.62. Columbia Banking System has a one year low of $19.61 and a one year high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.10. The business had revenue of $511.55 million for the quarter, compared to the consensus estimate of $492.00 million. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 earnings per share. Research analysts anticipate that Columbia Banking System will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, May 30th. Columbia Banking System's payout ratio is presently 57.14%.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors have recently modified their holdings of COLB. Verdence Capital Advisors LLC lifted its holdings in shares of Columbia Banking System by 2.0% in the second quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider's stock worth $484,000 after acquiring an additional 403 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Columbia Banking System by 1.0% in the first quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock valued at $1,251,000 after buying an additional 500 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Columbia Banking System by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock valued at $1,464,000 after buying an additional 500 shares during the period. Xponance Inc. increased its stake in shares of Columbia Banking System by 2.2% in the first quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock valued at $606,000 after buying an additional 517 shares during the period. Finally, Mengis Capital Management Inc. increased its stake in shares of Columbia Banking System by 1.1% in the second quarter. Mengis Capital Management Inc. now owns 50,511 shares of the financial services provider's stock valued at $1,181,000 after buying an additional 529 shares during the period. Institutional investors own 92.53% of the company's stock.

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.