Columbia Banking System’s (COLB) “Neutral” Rating Reaffirmed at Wedbush

Wedbush reissued their neutral rating on shares of Columbia Banking System (NASDAQ:COLB) in a report released on Friday morning, Benzinga reports. The firm currently has a $20.00 target price on the financial services provider’s stock. Wedbush also issued estimates for Columbia Banking System’s Q3 2024 earnings at $0.58 EPS and FY2025 earnings at $2.65 EPS.

COLB has been the subject of a number of other research reports. Truist Financial reduced their price objective on Columbia Banking System from $22.00 to $20.00 and set a hold rating for the company in a research note on Monday, April 1st. Wells Fargo & Company decreased their price target on Columbia Banking System from $25.00 to $22.00 and set an equal weight rating for the company in a report on Wednesday, April 10th. StockNews.com lowered Columbia Banking System from a hold rating to a sell rating in a research report on Tuesday, March 12th. Citigroup lowered their price target on shares of Columbia Banking System from $25.00 to $20.00 and set a neutral rating on the stock in a report on Wednesday, March 13th. Finally, UBS Group dropped their price target on shares of Columbia Banking System from $28.00 to $21.50 and set a neutral rating on the stock in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Columbia Banking System has an average rating of Hold and a consensus price target of $22.19.

Columbia Banking System Trading Up 0.6 %

Shares of Columbia Banking System stock opened at $19.12 on Friday. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 8.21 and a beta of 0.71. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.11. The firm’s 50 day simple moving average is $18.51 and its two-hundred day simple moving average is $21.14.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.12. The firm had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a return on equity of 11.66% and a net margin of 16.52%. Columbia Banking System’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 earnings per share. On average, sell-side analysts predict that Columbia Banking System will post 2.25 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.53%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio (DPR) is 61.80%.

Insider Buying and Selling

In other Columbia Banking System news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, with a total value of $49,618.80. Following the purchase, the director now directly owns 25,001 shares of the company’s stock, valued at approximately $462,018.48. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Christopher Merrywell bought 5,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were bought at an average cost of $21.09 per share, for a total transaction of $105,450.00. Following the acquisition, the vice president now directly owns 50,727 shares of the company’s stock, valued at approximately $1,069,832.43. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were purchased at an average price of $18.48 per share, with a total value of $49,618.80. Following the acquisition, the director now directly owns 25,001 shares in the company, valued at $462,018.48. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 35,133 shares of company stock worth $719,737. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COLB. Global Retirement Partners LLC raised its holdings in Columbia Banking System by 27.2% in the 3rd quarter. Global Retirement Partners LLC now owns 2,489 shares of the financial services provider’s stock valued at $47,000 after buying an additional 533 shares during the period. Commonwealth Equity Services LLC raised its position in Columbia Banking System by 4.5% in the third quarter. Commonwealth Equity Services LLC now owns 55,858 shares of the financial services provider’s stock valued at $1,134,000 after purchasing an additional 2,396 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Columbia Banking System by 16.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,112 shares of the financial services provider’s stock worth $266,000 after purchasing an additional 1,853 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Columbia Banking System by 29.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 47,055 shares of the financial services provider’s stock worth $955,000 after buying an additional 10,776 shares during the period. Finally, Ceredex Value Advisors LLC grew its stake in shares of Columbia Banking System by 7.7% in the third quarter. Ceredex Value Advisors LLC now owns 730,700 shares of the financial services provider’s stock valued at $14,833,000 after buying an additional 52,300 shares in the last quarter. Institutional investors and hedge funds 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.