Columbia Banking System (NASDAQ:COLB) Hits New 52-Week High – What’s Next?

Columbia Banking System, Inc. (NASDAQ:COLB)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $31.37 and last traded at $31.2950, with a volume of 697500 shares trading hands. The stock had previously closed at $30.44.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Stephens upped their target price on Columbia Banking System from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Columbia Banking System in a research note on Monday, December 29th. Keefe, Bruyette & Woods raised their target price 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. Royal Bank Of Canada increased 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. Finally, UBS Group reiterated a “neutral” rating and issued a $33.00 price target on shares of Columbia Banking System in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $31.88.

Columbia Banking System Stock Up 2.3%

The company has a market capitalization of $9.31 billion, a PE ratio of 13.78 and a beta of 0.61. The business has a 50 day simple moving average of $28.74 and a 200 day simple moving average of $26.87.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The firm had revenue of $715.00 million during the quarter, compared to analyst estimates of $693.23 million. During the same period last year, the firm posted $0.71 EPS. Equities analysts expect that Columbia Banking System, Inc. will post 2.71 EPS 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 given a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s payout ratio is presently 65.49%.

Insider Buying and Selling at Columbia Banking System

In other news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Institutional Trading of Columbia Banking System

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in Columbia Banking System by 35.4% during the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after purchasing an additional 14,824 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Columbia Banking System by 23.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock valued at $2,063,000 after buying an additional 15,845 shares during the period. Millennium Management LLC increased its holdings in Columbia Banking System by 572.7% in the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock valued at $12,089,000 after buying an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Columbia Banking System by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after acquiring an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock valued at $22,128,000 after acquiring an additional 16,165 shares during the period. 92.53% of the stock is currently 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.