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

Shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $34.80.

COLB has been the topic of a number of analyst reports. Piper Sandler cut their price target on Columbia Banking System from $35.00 to $31.00 in a research note on Monday, May 2nd. Royal Bank of Canada upped their price objective on shares of Columbia Banking System from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Friday, April 22nd. Finally, Raymond James lowered their price objective on shares of Columbia Banking System from $38.00 to $34.00 and set an “outperform” rating for the company in a research report on Thursday, July 7th.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $29.53 on Friday. The stock’s fifty day moving average price is $29.30 and its two-hundred day moving average price is $31.57. Columbia Banking System has a 52-week low of $26.97 and a 52-week high of $40.78. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 10.62 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLB – Get Rating) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.02). Columbia Banking System had a return on equity of 9.68% and a net margin of 31.28%. During the same period last year, the company posted $0.77 EPS. On average, equities analysts predict that Columbia Banking System will post 2.72 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 3rd will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Tuesday, August 2nd. Columbia Banking System’s dividend payout ratio (DPR) is presently 43.17%.

Insiders Place Their Bets

In other Columbia Banking System news, Director Craig D. Eerkes acquired 1,694 shares of Columbia Banking System stock in a transaction dated Friday, June 10th. The stock was bought at an average cost of $28.52 per share, for a total transaction of $48,312.88. Following the purchase, the director now directly owns 20,227 shares in the company, valued at approximately $576,874.04. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders bought 2,713 shares of company stock worth $74,593. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds have recently bought and sold shares of the company. Earnest Partners LLC acquired a new stake in Columbia Banking System in the 4th quarter valued at about $27,000. Covestor Ltd acquired a new stake in Columbia Banking System during the fourth quarter worth approximately $28,000. Meeder Asset Management Inc. acquired a new stake in Columbia Banking System during the first quarter worth approximately $41,000. Pinebridge Investments L.P. acquired a new stake in Columbia Banking System during the fourth quarter worth approximately $69,000. Finally, Asset Management One Co. Ltd. acquired a new stake in Columbia Banking System during the second quarter worth approximately $70,000. 94.44% of the stock is currently owned by institutional investors and hedge funds.

About Columbia Banking System

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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.