Piper Sandler Has Lowered Expectations for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its price target decreased by Piper Sandler from $32.00 to $30.00 in a report released on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

COLB has been the subject of a number of other research reports. Royal Bank of Canada cut their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Barclays raised their price target on Columbia Banking System from $27.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday. Wells Fargo & Company lifted their target price on Columbia Banking System from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Raymond James set a $27.00 price target on Columbia Banking System and gave the company an “outperform” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating for the company in a research report on Thursday, April 24th. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $29.85.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $22.62 on Monday. The business’s 50 day moving average price is $23.96 and its 200-day moving average price is $26.99. Columbia Banking System has a 1 year low of $18.11 and a 1 year high of $32.85. The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of 8.91 and a beta of 0.53.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. The business had revenue of $481.92 million for the quarter, compared to the consensus estimate of $482.86 million. During the same period last year, the firm posted $0.65 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. On average, sell-side analysts expect that Columbia Banking System will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 6.37%. The ex-dividend date of this dividend was Friday, February 28th. Columbia Banking System’s payout ratio is 61.02%.

Insider Buying and Selling at Columbia Banking System

In related news, VP Torran B. Nixon sold 4,481 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the completion of the sale, the vice president now directly owns 104,869 shares of the company’s stock, valued at approximately $2,725,545.31. This represents a 4.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its position in shares of Columbia Banking System by 1.1% in the 3rd quarter. Tidal Investments LLC now owns 43,184 shares of the financial services provider’s stock valued at $1,128,000 after purchasing an additional 464 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Columbia Banking System by 15.7% in the third quarter. JPMorgan Chase & Co. now owns 716,673 shares of the financial services provider’s stock valued at $18,712,000 after acquiring an additional 97,498 shares in the last quarter. Nordea Investment Management AB boosted its stake in Columbia Banking System by 82.0% during the 4th quarter. Nordea Investment Management AB now owns 391,286 shares of the financial services provider’s stock valued at $10,592,000 after acquiring an additional 176,334 shares during the last quarter. Range Financial Group LLC acquired a new position in Columbia Banking System during the 4th quarter worth $1,866,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Columbia Banking System by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,256 shares of the financial services provider’s stock worth $1,025,000 after purchasing an additional 544 shares during 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.