Columbia Banking System (NASDAQ:COLB) Shares Gap Down – Time to Sell?

Columbia Banking System, Inc. (NASDAQ:COLB) shares gapped down before the market opened on Friday . The stock had previously closed at $32.26, but opened at $31.04. Columbia Banking System shares last traded at $31.1750, with a volume of 984,612 shares changing hands.

Columbia Banking System News Roundup

Here are the key news stories impacting Columbia Banking System this week:

• Positive Sentiment: Columbia Banking System reported Q2 earnings of $0.76 per share, beating Wall Street estimates and matching last year’s result, while management pointed to stronger net interest income and fee income. Article Title
• Positive Sentiment: Stephens raised its price target on COLB from $35 to $36 and maintained an overweight rating, signaling improved confidence in the bank’s outlook. Article Title
• Positive Sentiment: Royal Bank of Canada also lifted its price target on Columbia Banking System from $34 to $35 while keeping a sector perform rating, adding to the positive analyst sentiment around the stock. Article Title
• Neutral Sentiment: Revenue for the quarter came in slightly below consensus, and the company noted pressure from rising expenses as well as lower loan and deposit balances, which tempers the earnings beat. Article Title

Analyst Ratings Changes

A number of equities research analysts recently weighed in on COLB shares. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a report on Wednesday, July 1st. JPMorgan Chase & Co. upped their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. UBS Group began coverage on Columbia Banking System in a research note on Tuesday, April 7th. They set a “neutral” rating and a $30.00 target price for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Columbia Banking System in a research report on Monday, June 29th. Finally, Wells Fargo & Company boosted their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $33.12.

Columbia Banking System Stock Performance

The company’s fifty day simple moving average is $30.94 and its two-hundred day simple moving average is $29.69. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 2.22 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The business had revenue of $680.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same quarter in the prior year, the business posted $0.76 EPS. Sell-side analysts anticipate that Columbia Banking System, Inc. will post 3.05 EPS for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s dividend payout ratio (DPR) is currently 58.96%.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer directly owned 18,636 shares in the company, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds have recently added to or reduced their stakes in the business. BW Gestao de Investimentos Ltda. bought a new stake in shares of Columbia Banking System during the fourth quarter valued at about $9,782,000. Easterly Investment Partners LLC grew its position in Columbia Banking System by 10.6% in the 4th quarter. Easterly Investment Partners LLC now owns 713,206 shares of the financial services provider’s stock valued at $19,934,000 after buying an additional 68,388 shares in the last quarter. TD Asset Management Inc grew its position in Columbia Banking System by 12.0% in the 4th quarter. TD Asset Management Inc now owns 461,928 shares of the financial services provider’s stock valued at $12,911,000 after buying an additional 49,454 shares in the last quarter. Oak Thistle LLC acquired a new position in Columbia Banking System during the 4th quarter valued at about $2,192,000. Finally, Norges Bank acquired a new position in Columbia Banking System during the 4th quarter valued at about $103,012,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.