Columbia Banking System (NASDAQ:COLB) Hits New 52-Week High Following Analyst Upgrade

Shares of Columbia Banking System, Inc. (NASDAQ:COLB) hit a new 52-week high during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $28.00 to $32.00. TD Cowen currently has a hold rating on the stock. Columbia Banking System traded as high as $29.67 and last traded at $29.5770, with a volume of 586439 shares. The stock had previously closed at $28.90.

A number of other analysts have also weighed in on COLB. Weiss Ratings reiterated a “hold (c)” rating on shares of Columbia Banking System in a research note on Monday, December 29th. Keefe, Bruyette & Woods upped their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Barclays lifted their price objective on shares of Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, December 19th. Piper Sandler set a $33.00 target price on shares of Columbia Banking System in a research note on Monday, November 3rd. Finally, Zacks Research lowered shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus price target of $29.92.

Institutional Trading of Columbia Banking System

Hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC raised its position in shares of Columbia Banking System by 35.4% in the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock worth $1,402,000 after acquiring an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Columbia Banking System by 23.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock valued at $2,063,000 after purchasing an additional 15,845 shares during the last quarter. Millennium Management LLC grew its stake in Columbia Banking System by 572.7% in the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock valued at $12,089,000 after purchasing an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after purchasing an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted 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. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

The firm has a market capitalization of $8.69 billion, a P/E ratio of 13.09 and a beta of 0.60. The business’s fifty day moving average price is $27.96 and its two-hundred day moving average price is $26.28.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Monday, March 4th. The financial services provider reported $0.76 EPS for the quarter. The firm had revenue of $348.47 million during the quarter. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. Sell-side analysts predict that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, November 28th. This represents a $1.48 annualized dividend and a dividend yield of 5.1%. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s dividend payout ratio (DPR) is currently 66.67%.

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.