Columbia Banking System (NASDAQ:COLB) Sets New 12-Month High – Time to Buy?

Columbia Banking System, Inc. (NASDAQ:COLB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.09 and last traded at $31.06, with a volume of 42450 shares changing hands. The stock had previously closed at $28.18.

Analysts Set New Price Targets

A number of equities analysts have weighed in on COLB shares. Raymond James boosted their price target on Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Truist Financial boosted their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, October 28th. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. JPMorgan Chase & Co. decreased their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $27.12.

Columbia Banking System Stock Down 4.0 %

The company has a market cap of $6.37 billion, a P/E ratio of 13.17 and a beta of 0.62. The firm’s 50 day moving average is $26.33 and its two-hundred day moving average is $22.91.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.07. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. The firm had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. During the same quarter last year, the business earned $0.79 EPS. As a group, research analysts forecast that Columbia Banking System, Inc. will post 2.62 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 annualized dividend and a dividend yield of 4.73%. Columbia Banking System’s dividend payout ratio is currently 62.34%.

Institutional Investors Weigh In On Columbia Banking System

Large investors have recently bought and sold shares of the stock. Picton Mahoney Asset Management acquired a new position in shares of Columbia Banking System during the second quarter valued at about $33,000. Abich Financial Wealth Management LLC raised its position in shares of Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,020 shares during the period. GAMMA Investing LLC raised its position in shares of Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC increased its stake in Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 4,115 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

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.