Columbia Banking System (NASDAQ:COLB) Sets New 1-Year High – Here’s What Happened

Columbia Banking System, Inc. (NASDAQ:COLB) shares reached a new 52-week high on Wednesday . The stock traded as high as $29.97 and last traded at $29.6820, with a volume of 1797468 shares traded. The stock had previously closed at $28.35.

Wall Street Analysts Forecast Growth

Several brokerages have commented on COLB. Royal Bank Of Canada set a $30.00 price target on Columbia Banking System and gave the company a “sector perform” rating in a report on Monday, January 12th. Piper Sandler set a $33.00 price objective on shares of Columbia Banking System in a report on Monday, November 3rd. TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. Wall Street Zen upgraded shares of Columbia Banking System to a “hold” rating in a report on Saturday, December 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. One equities research 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. Based on data from MarketBeat, Columbia Banking System has an average rating of “Hold” and a consensus target price of $30.08.

Columbia Banking System Stock Performance

The company’s 50 day moving average is $28.23 and its 200 day moving average is $26.54. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 13.38 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.19. The company had revenue of $577.00 million for the quarter, compared to the consensus estimate of $565.11 million. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The business’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 EPS. On average, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $0.37 dividend. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.48 annualized dividend and a yield of 5.0%. Columbia Banking System’s payout ratio is currently 66.67%.

Institutional Trading of Columbia Banking System

Several institutional investors have recently modified their holdings of COLB. True Wealth Design LLC raised its stake in shares of Columbia Banking System by 612.8% in the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 864 shares in the last quarter. West Oak Capital LLC bought a new stake in Columbia Banking System in the 3rd quarter valued at $28,000. Quent Capital LLC acquired a new position in shares of Columbia Banking System in the 3rd quarter valued at $29,000. First Horizon Corp bought a new position in shares of Columbia Banking System during the 3rd quarter worth about $31,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 794 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

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.