Columbia Banking System (NASDAQ:COLB) Hits New 1-Year High - Time to Buy?

Key Points

• Columbia Banking System (NASDAQ:COLB) hit a new 52-week high, trading as high as $32.77, as shares continued to outperform their recent averages.
• Analyst sentiment remains mixed, with the stock carrying a consensus Hold rating and a consensus target price of $32.81, even as several firms raised price targets into the mid-$30s.
• The bank reported better-than-expected quarterly earnings of $0.72 per share and continues to pay a sizable dividend, with a recent annualized yield of 4.5%.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on COLB shares. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a report on Wednesday, July 1st. UBS Group began coverage on Columbia Banking System in a research note on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target on the stock. Piper Sandler raised their price objective 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. JPMorgan Chase & Co. lifted their price objective on Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Finally, Wall Street Zen downgraded Columbia Banking System from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.81.

Columbia Banking System Price Performance

The company has a market cap of $9.44 billion, a price-to-earnings ratio of 12.99 and a beta of 0.62. The business's 50-day simple moving average is $30.47 and its 200-day simple moving average is $29.47.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released 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. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The business had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. During the same period in the prior year, the business earned $0.67 earnings per share. The company's quarterly revenue was up 37.9% on a year-over-year basis. As a group, sell-side analysts forecast that Columbia Banking System, Inc. will post 3.05 EPS for the current year.

Columbia Banking System Announces Dividend

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

Insiders Place Their Bets

In other news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the transaction, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.57% of the company's stock.

Institutional Trading of Columbia Banking System

A number of large investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in Columbia Banking System by 31.4% in the 4th quarter. Wellington Management Group LLP now owns 18,106,228 shares of the financial services provider's stock valued at $506,069,000 after purchasing an additional 4,324,006 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Columbia Banking System by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider's stock worth $371,656,000 after buying an additional 408,087 shares in the last quarter. State Street Corp grew its holdings in shares of Columbia Banking System by 32.5% during the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock worth $345,113,000 after buying an additional 3,290,560 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Columbia Banking System by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider's stock valued at $351,179,000 after buying an additional 163,543 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Columbia Banking System by 140.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider's stock valued at $242,237,000 after buying an additional 5,063,212 shares during the period. Institutional investors and hedge funds own 92.53% of the company's stock.

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.

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