Columbia Banking System (NASDAQ:COLB) Sets New 12-Month Low - Time to Sell?

Shares of Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $21.95 and last traded at $22.42, with a volume of 1869519 shares traded. The stock had previously closed at $22.72.

Analysts Set New Price Targets

Several equities research analysts have weighed in on COLB shares. Raymond James set a $27.00 price target on Columbia Banking System and gave the stock an "outperform" rating in a report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their target price on shares of Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a research report on Thursday, April 24th. Barclays upped their target price on Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a research report on Friday, April 25th. DA Davidson set a $25.00 price target on Columbia Banking System and gave the company a "neutral" rating in a research note on Thursday, April 24th. Finally, Citigroup dropped their target price on Columbia Banking System from $31.00 to $30.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $29.85.

Columbia Banking System Price Performance

The stock's fifty day moving average price is $23.66 and its 200-day moving average price is $26.87. The firm has a market cap of $4.98 billion, a PE ratio of 9.33 and a beta of 0.53.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. The company had revenue of $481.92 million during the quarter, compared to analysts' expectations of $482.86 million. During the same quarter in the prior year, the company earned $0.65 EPS. Columbia Banking System's revenue was up 3.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.44 dividend on an annualized basis and a yield of 6.08%. Columbia Banking System's payout ratio is 61.02%.

Insiders Place Their Bets

In other news, VP Torran B. Nixon sold 4,481 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the transaction, the vice president now owns 104,869 shares of the company's stock, valued at approximately $2,725,545.31. The trade was a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of COLB. Tidal Investments LLC raised its position in shares of Columbia Banking System by 1.1% during the 3rd quarter. Tidal Investments LLC now owns 43,184 shares of the financial services provider's stock valued at $1,128,000 after buying an additional 464 shares during the period. Arizona State Retirement System raised its position in Columbia Banking System by 0.8% in the fourth quarter. Arizona State Retirement System now owns 60,758 shares of the financial services provider's stock valued at $1,641,000 after purchasing an additional 469 shares during the period. State of Michigan Retirement System raised its position in Columbia Banking System by 1.0% in the first quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock valued at $1,251,000 after purchasing an additional 500 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Columbia Banking System by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock valued at $1,464,000 after purchasing an additional 500 shares during the last quarter. Finally, Xponance Inc. grew its holdings in shares of Columbia Banking System by 2.2% during the 1st quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock worth $606,000 after purchasing an additional 517 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 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.