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

Columbia Banking System, Inc. (NASDAQ:COLB)’s share price hit a new 52-week high on Wednesday . The company traded as high as $29.06 and last traded at $28.98, with a volume of 5146 shares changing hands. The stock had previously closed at $28.64.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on COLB shares. Stephens boosted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. JPMorgan Chase & Co. cut their target price on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Raymond James upped their price target on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Barclays lifted their price objective on shares of Columbia Banking System from $25.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $27.12.

Columbia Banking System Stock Down 2.3 %

The business has a 50 day moving average price of $25.79 and a 200 day moving average price of $22.47. The stock has a market cap of $5.97 billion, a P/E ratio of 12.34 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The company had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. During the same quarter in the prior year, the company posted $0.79 EPS. On average, research analysts expect that Columbia Banking System, Inc. will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.05%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is presently 62.34%.

Institutional Investors Weigh In On Columbia Banking System

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

About Columbia Banking System

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.