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

Key Points

• Columbia Banking System shares hit a new 52-week high after JPMorgan lifted its price target from $31 to $35, with the stock trading as high as $32.72 during the session.
• Analyst sentiment remains mixed overall: Columbia has an average Hold rating and a consensus target price of $32.65, even as some firms recently raised targets and others trimmed them.
• The bank posted solid recent fundamentals, including Q1 earnings of $0.72 per share versus the $0.68 estimate, and it pays a quarterly dividend of $0.37 per share, yielding about 4.5% annualized.

Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report)'s stock price hit a new 52-week high 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. The stock had previously closed at $32.05.

A number of other brokerages have also recently commented on COLB. Barclays reduced their target price on shares of Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a report on Tuesday, April 7th. Piper Sandler boosted their price objective on shares of Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Wall Street Zen lowered Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Wells Fargo & Company lifted their target price on Columbia Banking System from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Monday, March 30th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Columbia Banking System in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Columbia Banking System presently has an average rating of "Hold" and a consensus target price of $32.65.

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Columbia Banking System

Several large investors have recently made changes to their positions in COLB. AQR Capital Management LLC raised its stake in Columbia Banking System by 35.4% during the 1st 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. boosted its stake in Columbia Banking System by 23.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock worth $2,063,000 after purchasing an additional 15,845 shares during the period. Millennium Management LLC grew its holdings in Columbia Banking System by 572.7% during the 1st 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. grew its holdings in 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 valued at $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Columbia Banking System by 1.9% during the first 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 buying an additional 16,165 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Price Performance

The firm's 50-day moving average price is $29.96 and its 200-day moving average price is $29.25. The stock has a market cap of $9.43 billion, a P/E ratio of 12.98 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.04. The firm had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. Columbia Banking System's revenue for the quarter was up 37.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.67 earnings per share. Sell-side analysts expect that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, May 29th. Columbia Banking System's dividend payout ratio is currently 58.96%.

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.

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