Columbia Banking System (NASDAQ:COLB) Shares Gap Up to $28.78

Columbia Banking System, Inc. (NASDAQ:COLBGet Rating)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $28.78, but opened at $29.98. Columbia Banking System shares last traded at $29.02, with a volume of 2,936 shares traded.

A number of research firms have weighed in on COLB. Piper Sandler cut their price target on shares of Columbia Banking System from $35.00 to $31.00 in a research note on Monday, May 2nd. Zacks Investment Research downgraded shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Friday. Raymond James cut their price target on shares of Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, April 22nd. Royal Bank of Canada raised their target price on shares of Columbia Banking System from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Friday, April 22nd. Finally, StockNews.com started coverage on shares of Columbia Banking System in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $36.00.

The stock’s 50 day moving average price is $30.88 and its 200 day moving average price is $33.35. The firm has a market cap of $2.28 billion, a PE ratio of 10.28 and a beta of 0.68.

Columbia Banking System (NASDAQ:COLBGet Rating) last released its quarterly earnings results on Thursday, April 21st. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. The business had revenue of $170.38 million during the quarter, compared to analyst estimates of $166.09 million. Columbia Banking System had a net margin of 31.91% and a return on equity of 9.30%. The business’s revenue was up 15.8% on a year-over-year basis. During the same period last year, the business earned $0.73 EPS. On average, equities research analysts expect that Columbia Banking System, Inc. will post 2.61 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 18th. Investors of record on Wednesday, May 4th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend was Tuesday, May 3rd. Columbia Banking System’s payout ratio is 42.86%.

In other news, CFO Aaron James Deer purchased 3,000 shares of the stock in a transaction that occurred on Monday, May 2nd. The stock was acquired at an average cost of $28.00 per share, with a total value of $84,000.00. Following the acquisition, the chief financial officer now owns 15,427 shares in the company, valued at $431,956. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.62% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Columbia Banking System by 19.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,627,370 shares of the financial services provider’s stock worth $61,824,000 after acquiring an additional 270,428 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in Columbia Banking System by 7.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 157,314 shares of the financial services provider’s stock worth $5,976,000 after acquiring an additional 10,730 shares in the last quarter. US Bancorp DE grew its holdings in Columbia Banking System by 8.7% during the 3rd quarter. US Bancorp DE now owns 97,961 shares of the financial services provider’s stock worth $3,722,000 after acquiring an additional 7,844 shares in the last quarter. Ironwood Investment Management LLC grew its holdings in Columbia Banking System by 29.0% during the 4th quarter. Ironwood Investment Management LLC now owns 43,518 shares of the financial services provider’s stock worth $1,424,000 after acquiring an additional 9,771 shares in the last quarter. Finally, Sittner & Nelson LLC lifted its position in shares of Columbia Banking System by 656.1% in the 4th quarter. Sittner & Nelson LLC now owns 15,122 shares of the financial services provider’s stock worth $495,000 after buying an additional 13,122 shares during the last quarter. 94.44% of the stock is owned by institutional investors.

Columbia Banking System Company Profile (NASDAQ:COLB)

Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.

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