Columbia Banking System (NASDAQ:COLB) Reaches New 12-Month High Following Analyst Upgrade

Columbia Banking System, Inc. (NASDAQ:COLB)’s stock price reached a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $31.00 to $35.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Columbia Banking System traded as high as $32.72 and last traded at $32.5550, with a volume of 1263842 shares trading hands. The stock had previously closed at $32.05.

COLB has been the topic of several other research reports. Fundamental Research set a $35.00 price objective on Columbia Banking System in a research report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, March 30th. UBS Group began coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Columbia Banking System in a research note on Monday. Finally, Piper Sandler raised their price target on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $32.65.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.57% of the stock is currently owned by company insiders.

Institutional Trading of Columbia Banking System

A number of hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its position 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 valued at $30,000 after buying an additional 794 shares during the period. Cedar Mountain Advisors LLC grew its position in shares of Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 949 shares during the period. Horizon Investments LLC grew its position in shares of Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 773 shares during the period. Rossby Financial LCC purchased a new position in shares of Columbia Banking System in the 4th quarter valued at about $36,000. Finally, Hilton Head Capital Partners LLC purchased a new position in shares of Columbia Banking System in the 4th quarter valued at about $43,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Trading Up 1.6%

The company has a market cap of $9.43 billion, a price-to-earnings ratio of 12.98 and a beta of 0.63. The business has a fifty day moving average of $29.96 and a two-hundred day moving average of $29.25.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data 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 return on equity of 11.41% and a net margin of 19.28%.Columbia Banking System’s quarterly revenue was up 37.9% compared to the same quarter last year. During the same period last year, the company earned $0.67 earnings per share. On average, research analysts forecast that Columbia Banking System, Inc. will post 3.08 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s payout ratio is presently 58.96%.

Columbia Banking System Company Profile

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.