Columbia Banking System (NASDAQ:COLB) Sets New 52-Week High – Still a Buy?

Columbia Banking System, Inc. (NASDAQ:COLB) reached a new 52-week high on Wednesday . The company traded as high as $29.97 and last traded at $29.6820, with a volume of 1797468 shares trading hands. The stock had previously closed at $28.35.

Wall Street Analyst Weigh In

COLB has been the subject of a number of analyst reports. Citigroup raised their price target on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a research report on Monday, December 29th. Barclays boosted their price target on Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Friday, December 19th. TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. One 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $30.08.

Columbia Banking System Trading Up 4.8%

The stock has a fifty day moving average of $28.23 and a two-hundred day moving average of $26.54. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 13.38 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.19. The company had revenue of $577.00 million for the quarter, compared to analyst estimates of $565.11 million. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%.The business’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Equities analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were given a dividend of $0.37 per share. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, November 28th. This represents a $1.48 annualized dividend and a yield of 5.0%. Columbia Banking System’s dividend payout ratio is currently 66.67%.

Hedge Funds Weigh In On Columbia Banking System

A number of institutional investors have recently modified their holdings of the stock. Verdence Capital Advisors LLC grew its stake in shares of Columbia Banking System by 2.0% in the second quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider’s stock valued at $484,000 after acquiring an additional 403 shares in the last quarter. Wedbush Securities Inc. raised its stake in Columbia Banking System by 4.5% in the 3rd quarter. Wedbush Securities Inc. now owns 9,915 shares of the financial services provider’s stock worth $255,000 after purchasing an additional 423 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in Columbia Banking System by 0.4% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 122,428 shares of the financial services provider’s stock valued at $3,422,000 after purchasing an additional 456 shares during the period. Peregrine Asset Advisers Inc. boosted its holdings in Columbia Banking System by 4.9% in the 3rd quarter. Peregrine Asset Advisers Inc. now owns 9,774 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 457 shares during the period. Finally, Sittner & Nelson LLC grew its position in shares of Columbia Banking System by 1.2% during the 3rd quarter. Sittner & Nelson LLC now owns 37,519 shares of the financial services provider’s stock worth $966,000 after purchasing an additional 460 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

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.