Columbia Banking System (NASDAQ:COLB) Reaches New 1-Year High on Analyst Upgrade

Columbia Banking System, Inc. (NASDAQ:COLB) reached a new 52-week high 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 changing hands. The stock had previously closed at $28.90.

Several other analysts have also weighed in on the company. Cowen reissued a “hold” rating on shares of Columbia Banking System in a research report on Wednesday. Keefe, Bruyette & Woods raised their price target on Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Barclays boosted their price objective on 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 Columbia Banking System in a research note on Monday, November 3rd. Finally, Royal Bank Of Canada lifted their target price on Columbia Banking System from $27.00 to $28.00 and gave the stock a “sector perform” rating in a research report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Columbia Banking System has an average rating of “Hold” and a consensus target price of $29.92.

Institutional Trading of Columbia Banking System

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC boosted its stake in shares of Columbia Banking System by 2.0% during the 2nd quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 403 shares in the last quarter. Wedbush Securities Inc. raised its holdings 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 during the period. Peregrine Asset Advisers Inc. boosted its position in Columbia Banking System by 4.9% during the third quarter. Peregrine Asset Advisers Inc. now owns 9,774 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 457 shares in the last quarter. Sittner & Nelson LLC grew its holdings in Columbia Banking System by 1.2% in the third quarter. Sittner & Nelson LLC now owns 37,519 shares of the financial services provider’s stock valued at $966,000 after purchasing an additional 460 shares during the period. Finally, Quadrant Capital Group LLC increased its position in shares of Columbia Banking System by 1.2% in the third quarter. Quadrant Capital Group LLC now owns 37,906 shares of the financial services provider’s stock valued at $976,000 after buying an additional 466 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Trading Up 2.5%

The stock has a market cap of $8.86 billion, a price-to-earnings ratio of 13.35 and a beta of 0.60. The firm’s 50-day moving average is $27.85 and its two-hundred day moving average is $26.22.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. The business had revenue of $348.47 million for the quarter. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%. On average, analysts predict 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 announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a $0.37 dividend. The ex-dividend date of this dividend was Friday, November 28th. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 5.0%. Columbia Banking System’s dividend payout ratio 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.