Columbia Banking System (NASDAQ:COLB) Sets New 1-Year High – What’s Next?
by Sarita Garza · The Markets DailyColumbia Banking System, Inc. (NASDAQ:COLB – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $32.70 and last traded at $32.42, with a volume of 2421580 shares changing hands. The stock had previously closed at $32.07.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on COLB. Keefe, Bruyette & Woods raised their price objective on shares of Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Stephens raised their price target on shares of Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Royal Bank Of Canada lifted their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, January 23rd. DA Davidson boosted their target price on Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. increased their price target on Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $31.88.
Read Our Latest Stock Report on COLB
Columbia Banking System Trading Up 1.1%
The company has a market cap of $9.70 billion, a price-to-earnings ratio of 14.35 and a beta of 0.61. The company has a fifty day moving average price of $29.03 and a two-hundred day moving average price of $27.09.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The business had revenue of $715.00 million during the quarter, compared to analyst estimates of $693.23 million. During the same period in the prior year, the company posted $0.71 earnings per share. Sell-side analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.
Columbia Banking System Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, November 28th. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s payout ratio is 65.49%.
Insider Buying and Selling at Columbia Banking System
In related news, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.68% of the company’s stock.
Hedge Funds Weigh In On Columbia Banking System
Hedge funds have recently modified their holdings of the stock. True Wealth Design LLC boosted its stake in Columbia Banking System by 612.8% in the 3rd quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after buying an additional 864 shares in the last quarter. West Oak Capital LLC bought a new position in Columbia Banking System during the 3rd quarter valued at about $28,000. Quent Capital LLC acquired a new position in Columbia Banking System in the third quarter valued at about $29,000. Geneos Wealth Management Inc. grew its stake in Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after buying an additional 794 shares during the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Columbia Banking System during the third quarter worth approximately $31,000. 92.53% of the stock is owned by institutional investors and hedge funds.
About Columbia Banking System
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.