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

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on COLB. Barclays decreased their price objective on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 7th. Fundamental Research set a $35.00 target price on Columbia Banking System in a research report on Wednesday, July 1st. Wells Fargo & Company raised their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Columbia Banking System in a report on Monday, June 29th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and an average target price of $32.81.

Columbia Banking System Trading Up 1.1%

The firm has a market capitalization of $9.44 billion, a PE ratio of 12.99 and a beta of 0.62. The firm has a 50-day moving average of $30.47 and a two-hundred day moving average of $29.47.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. The firm had revenue of $675.00 million during the quarter, compared to the consensus estimate of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The firm’s quarterly revenue was up 37.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.67 earnings per share. Equities research analysts expect that Columbia Banking System, Inc. will post 3.05 earnings per share for the current fiscal 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 issued a dividend of $0.37 per share. The ex-dividend date was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.5%. Columbia Banking System’s payout ratio is presently 58.96%.

Insider Transactions at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. increased its position in shares of Columbia Banking System by 194.6% in the first 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 in the last quarter. Cedar Mountain Advisors LLC lifted its holdings in shares of Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 949 shares in the last quarter. Horizon Investments LLC boosted its position in Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 773 shares during the period. Rossby Financial LCC acquired a new stake in Columbia Banking System in the 4th quarter valued at $36,000. Finally, Hilton Head Capital Partners LLC acquired a new stake in Columbia Banking System in the 4th quarter valued at $43,000. 92.53% of the stock is owned by institutional investors and hedge funds.

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.