Columbia Banking System (NASDAQ:COLB) Reaches New 1-Year High – Time to Buy?

Columbia Banking System, Inc. (NASDAQ:COLB) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $32.20 and last traded at $32.20, with a volume of 575 shares traded. The stock had previously closed at $31.64.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on COLB. JPMorgan Chase & Co. decreased their price objective on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company upped their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Truist Financial raised their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, October 28th. Wedbush raised their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Barclays increased their target price on Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Columbia Banking System has an average rating of “Hold” and a consensus price target of $27.12.

Columbia Banking System Stock Up 3.3 %

The business’s 50-day simple moving average is $27.78 and its 200-day simple moving average is $23.84. The stock has a market cap of $6.85 billion, a PE ratio of 13.70 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The business had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. During the same quarter last year, the business posted $0.79 EPS. As a group, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.63 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.44 dividend on an annualized basis and a yield of 4.41%. Columbia Banking System’s dividend payout ratio (DPR) is currently 62.34%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management purchased a new position in Columbia Banking System in the second quarter worth about $33,000. Abich Financial Wealth Management LLC increased its holdings in Columbia Banking System by 85.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,020 shares during the last quarter. GAMMA Investing LLC grew 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 valued at $47,000 after purchasing an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in shares of 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 worth $82,000 after acquiring an additional 4,115 shares in 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.