Columbia Banking System (NASDAQ:COLB) Sets New 1-Year High Following Strong Earnings

Columbia Banking System, Inc. (NASDAQ:COLB) hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $28.15 and last traded at $28.08, with a volume of 1069572 shares changing hands. The stock had previously closed at $27.08.

The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. During the same period in the prior year, the firm earned $0.79 EPS.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.14%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 61.80%.

Analyst Ratings Changes

COLB has been the topic of several recent analyst reports. Stephens increased their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Wedbush raised Columbia Banking System from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $28.00 to $31.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods upped their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Wells Fargo & Company upped their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Finally, Barclays raised their price target on shares of Columbia Banking System from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.81.

Institutional Trading of Columbia Banking System

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Columbia Banking System by 9.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 38,712 shares of the financial services provider’s stock worth $1,011,000 after purchasing an additional 3,300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Columbia Banking System by 12.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 127,672 shares of the financial services provider’s stock valued at $3,314,000 after purchasing an additional 14,135 shares during the period. Allworth Financial LP boosted its stake in shares of Columbia Banking System by 0.3% in the 3rd quarter. Allworth Financial LP now owns 175,538 shares of the financial services provider’s stock valued at $4,583,000 after purchasing an additional 458 shares during the last quarter. CWC Advisors LLC. bought a new stake in Columbia Banking System during the third quarter valued at $241,000. Finally, Ausbil Investment Management Ltd boosted its holdings in shares of Columbia Banking System by 483.2% during the 3rd quarter. Ausbil Investment Management Ltd now owns 72,413 shares of the financial services provider’s stock worth $1,891,000 after buying an additional 59,996 shares in the last quarter. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Up 3.5 %

The stock has a 50 day simple moving average of $25.32 and a 200 day simple moving average of $22.11. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 11.85 and a beta of 0.64.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.