Yes, it's bamboo. It looks like the top has been pruned, which explains the bushiness of the foliage at the top. I can't tell what the species is. Does the culm have a sulcus (a longitudinal groove)? And how many branches are at the nodes?

It hasn't been pruned as it is only about 5" tall! My husband had cleared some overgrowth at the back of our property this spring. He announced to me a few weeks ago that the bamboo was growing back! I had just been bitten by the gardening bug this summer (he he!!) so I was ecstatic to find out about the bamboo! I want to dig it up and pot it for my yard area. Do you know the name of the bamboo behind it?

Well, it may not have been intentionally pruned, but the top of the shoot was taken off or broken off somehow (lawn mower? weedwhacker? wayward foot?). Because of that, it won't grow any higher, and that makes it hard to identify.

As for the other bamboo, it's probably some Phyllostachys or Bambusa, but I can't identify it from the photo. There are about 1200 bamboo species and yours looks similar to about 50 of them.

If you dig any of these up, make sure you get as large of a rootball as possible and disturb it as little as possible (i.e., don't extract the plant as a bare root).

I see what you mean....yes it was definately weed whacked! So why won't it grow taller?

When a shoot comes up it is at its full, final diameter and it elongates from the tip to reach its full, final height in a period of several weeks. Yours won't get taller because the growing tip got removed. Unlike shrubs or trees, bamboo culms do not get bigger in diameter or taller over time, and whatever gets pruned off is gone for good.

If I may add, next year the bamboo will send up new shoots. If these shoots are not cut, like the current one has, they will grow to their full height for the age of the plant. In about 3-5 years the bamboos new shoots will grow to their species full height for your zone.
Each year you will get more shoots than the previous one. My clumping bamboo, when I planted it 4 years ago only sent up 1-2 shoots the first year, not too tall and thin. The second year was the same. The third and fourth years I have noticed they have obtained their full diameter and are about 30' tall. This year each clump sent up about 10+ shoots. This is par for the species and my zone.

Thank you for your advise! Do you think it would be ok to plant it in a pot?

It would be ok to plant it in a pot, though it will be less hardy in a pot than in the ground. If you dig it up, be aware that you will probably set it back a bit due to transplant shock, and, if you don't get enough of an undisturbed rootball, you might kill it.