Columbia Banking System (NASDAQ:COLB) Price Target Raised to $35.00 at Piper Sandler

Key Points

• Piper Sandler raised the price target for Columbia Banking System (NADSAQ:COLB) from $32.00 to $35.00, predicting a 30.74% potential upside from its previous closing price and maintaining an "overweight" rating.
• Columbia Banking System's recent earnings report indicated an EPS of $0.76, surpassing expectations, and its revenue increased by 8.2% year-over-year to $511.55 million.
• There is a significant range of analyst ratings for the stock, with one strong-buy, four buy ratings, and ten hold ratings, leading to an average rating of "hold" and a consensus price target of $29.07.

Columbia Banking System (NASDAQ:COLB - Free Report) had its target price boosted by Piper Sandler from $32.00 to $35.00 in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the financial services provider's stock.

COLB has been the topic of several other reports. Citigroup reiterated a "neutral" rating and issued a $26.00 target price (up from $22.00) on shares of Columbia Banking System in a research note on Monday, July 28th. JPMorgan Chase & Co. lowered their price objective on shares of Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 1st. Wall Street Zen initiated coverage on shares of Columbia Banking System in a research report on Thursday, May 22nd. They set a "hold" rating on the stock. Wells Fargo & Company raised their price objective on shares of Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Finally, DA Davidson increased their target price on shares of Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Columbia Banking System has an average rating of "Hold" and an average price target of $29.07.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock traded up $0.13 on Tuesday, reaching $26.90. 7,257,416 shares of the company traded hands, compared to its average volume of 4,647,491. Columbia Banking System has a 52 week low of $19.61 and a 52 week high of $32.85. The company has a 50 day moving average of $25.14 and a 200 day moving average of $24.27. The firm has a market capitalization of $5.66 billion, a PE ratio of 10.67 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.66 by $0.10. The company had revenue of $511.55 million during 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%. Columbia Banking System's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $0.67 EPS. As a group, analysts anticipate that Columbia Banking System will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.4%. Columbia Banking System's payout ratio is presently 57.14%.

Institutional Investors Weigh In On Columbia Banking System

A number of large investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its stake in shares of Columbia Banking System by 0.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 12,742,629 shares of the financial services provider's stock valued at $317,802,000 after purchasing an additional 116,795 shares in the last quarter. State Street Corp boosted its stake in shares of Columbia Banking System by 0.6% during the 2nd quarter. State Street Corp now owns 10,117,111 shares of the financial services provider's stock valued at $236,538,000 after purchasing an additional 64,096 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Columbia Banking System by 18.3% during the 2nd quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider's stock valued at $209,220,000 after purchasing an additional 1,381,597 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Columbia Banking System by 2.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,816,989 shares of the financial services provider's stock valued at $182,761,000 after purchasing an additional 149,718 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Columbia Banking System by 11.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,606,146 shares of the financial services provider's stock valued at $154,452,000 after acquiring an additional 658,196 shares during the period. Institutional investors own 92.53% of the company's stock.

About Columbia Banking System

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.