TD Cowen Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $32.00

Columbia Banking System (NASDAQ:COLB) had its target price cut by TD Cowen from $34.00 to $32.00 in a research note released on Monday morning,Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

Several other research firms have also weighed in on COLB. Weiss Ratings downgraded Columbia Banking System from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. Fundamental Research set a $35.00 target price on Columbia Banking System in a research note on Wednesday, July 1st. Barclays lowered their target price on Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, August 3rd. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, October 1st. Finally, Zacks Research upgraded Columbia Banking System from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and an average target price of $33.58.

Columbia Banking System Stock Down 2.2%

COLB opened at $28.26 on Monday. Columbia Banking System has a twelve month low of $23.83 and a twelve month high of $33.67. The company has a fifty day moving average of $30.35 and a 200-day moving average of $30.13. The stock has a market cap of $7.99 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 2.86 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter last year, the firm earned $0.76 earnings per share. Sell-side analysts anticipate that Columbia Banking System will post 3.03 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were paid a $0.37 dividend. The ex-dividend date was Friday, August 28th. This represents a $1.48 annualized dividend and a dividend yield of 5.2%. Columbia Banking System’s dividend payout ratio (DPR) is currently 58.96%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Columbia Banking System in the second quarter valued at approximately $880,443,000. Dimensional Fund Advisors LP raised its position in shares of Columbia Banking System by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider’s stock worth $371,656,000 after purchasing an additional 408,087 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Columbia Banking System during the second quarter worth approximately $120,867,000. Epoch Investment Partners Inc. lifted its holdings in shares of Columbia Banking System by 9.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 2,573,229 shares of the financial services provider’s stock worth $71,922,000 after purchasing an additional 228,720 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Columbia Banking System in the 2nd quarter worth $68,906,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

Columbia Banking System, Inc (NASDAQ: COLB) is a bank holding company headquartered in Tacoma, Washington. Through its subsidiary, Umpqua Bank, the company provides a range of banking and financial services to individuals, families, businesses and institutions.

Umpqua Bank’s offerings include deposit accounts, consumer and commercial lending, real estate finance, treasury management, cash management, investment services and other business banking solutions. The bank serves small and middle-market companies as well as retail customers through branches, digital banking platforms and relationship-based financial services.

Columbia Banking System traces its history to the formation of Columbia Bank in Washington in 1993.