Columbia Banking System (NASDAQ:COLB) Reaches New 52-Week High – Time to Buy?

by · The Cerbat Gem

Columbia Banking System, Inc. (NASDAQ:COLB – Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.77 and last traded at $32.6490, with a volume of 503655 shares. The stock had previously closed at $32.25.

Analyst Ratings Changes

A number of brokerages have recently weighed in on COLB. Fundamental Research set a $35.00 price objective on shares of Columbia Banking System in a report on Wednesday, July 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Columbia Banking System in a research note on Monday, June 29th. JPMorgan Chase & Co. lifted their price target on Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Wall Street Zen cut Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Piper Sandler boosted their price target on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. One research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $32.81.

Get Our Latest Stock Report on COLB

Columbia Banking System Price Performance

The stock has a market cap of $9.73 billion, a PE ratio of 13.39, a PEG ratio of 2.22 and a beta of 0.62. The company’s fifty day moving average is $30.59 and its 200-day moving average is $29.53.

Columbia Banking System (NASDAQ:COLB – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.68 by $0.04. The company had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The firm’s revenue was up 37.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.67 earnings per share. Analysts expect that Columbia Banking System, Inc. will post 3.05 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s payout ratio is 58.96%.

Insider Activity at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Quad Cities Investment Group LLC boosted its position in Columbia Banking System by 0.7% in the 2nd quarter. Quad Cities Investment Group LLC now owns 45,802 shares of the financial services provider’s stock worth $1,468,000 after purchasing an additional 331 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of Columbia Banking System by 6.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 348 shares in the last quarter. Hilton Head Capital Partners LLC lifted its stake in shares of Columbia Banking System by 25.8% in the 1st quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 399 shares during the period. State of Michigan Retirement System lifted its stake in shares of Columbia Banking System by 0.6% in the 1st quarter. State of Michigan Retirement System now owns 71,041 shares of the financial services provider’s stock valued at $1,949,000 after purchasing an additional 400 shares during the period. Finally, Kera Capital Partners Inc. lifted its stake in shares of Columbia Banking System by 5.7% in the 1st quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider’s stock valued at $217,000 after purchasing an additional 425 shares during the period. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

(Get Free Report)

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.

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