Citigroup Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $30.00

Columbia Banking System (NASDAQ:COLB) had its price target decreased by Citigroup from $31.00 to $30.00 in a research report sent to investors on Monday,Benzinga reports. Citigroup currently has a neutral rating on the financial services provider’s stock.

COLB has been the topic of several other reports. Truist Financial increased their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, October 28th. Barclays raised their target price on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods cut their price target on Columbia Banking System from $34.00 to $33.00 and set a “market perform” rating for the company in a report on Friday, January 24th. JPMorgan Chase & Co. decreased their price objective on Columbia Banking System from $32.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Wedbush boosted their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Ten research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $30.38.

Columbia Banking System Price Performance

NASDAQ COLB opened at $27.63 on Monday. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 11.96 and a beta of 0.67. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $32.85. The business’s fifty day moving average price is $28.64 and its 200-day moving average price is $26.88.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.06. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. Equities research analysts anticipate that Columbia Banking System will post 2.66 EPS for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.44 annualized dividend and a dividend yield of 5.21%. Columbia Banking System’s dividend payout ratio (DPR) is 62.34%.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Columbia Banking System by 54.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,640 shares of the financial services provider’s stock valued at $95,000 after acquiring an additional 1,290 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Columbia Banking System by 1,507.6% during the third quarter. Farther Finance Advisors LLC now owns 4,855 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 4,553 shares during the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Columbia Banking System by 26.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 5,209 shares of the financial services provider’s stock worth $136,000 after buying an additional 1,091 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Columbia Banking System by 14.0% in the 3rd quarter. Signaturefd LLC now owns 5,767 shares of the financial services provider’s stock worth $151,000 after buying an additional 709 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Columbia Banking System by 14.9% in the 4th quarter. Blue Trust Inc. now owns 6,745 shares of the financial services provider’s stock valued at $176,000 after acquiring an additional 875 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Company Profile

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.