204,688 Shares in Columbia Banking System, Inc. $COLB Bought by Allworth Financial LP

Key Points

• Allworth Financial LP acquired 204,688 shares of Columbia Banking System during the second quarter, worth approximately $6.56 million. Institutional investors collectively own 92.53% of the company.
• Analysts maintain a consensus “Hold” rating on COLB, with an average price target of $33.35. The company recently exceeded quarterly EPS estimates, reporting $0.76 versus the $0.73 consensus, despite revenue falling slightly short of expectations.
• Columbia Banking System declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 payout and a 4.8% yield. Shares recently opened at $30.84, below the consensus analyst target.

Allworth Financial LP bought a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 204,688 shares of the financial services provider's stock, valued at approximately $6,560,000. Allworth Financial LP owned about 0.07% of Columbia Banking System at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of COLB. BlackRock Inc. acquired a new stake in Columbia Banking System in the 2nd quarter valued at approximately $880,443,000. Wellington Management Group LLP raised its stake in shares of Columbia Banking System by 31.4% in the 4th quarter. Wellington Management Group LLP now owns 18,106,228 shares of the financial services provider's stock valued at $506,069,000 after buying an additional 4,324,006 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Columbia Banking System by 3.1% in the first quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider's stock worth $371,656,000 after purchasing an additional 408,087 shares in the last quarter. State Street Corp raised its holdings in shares of Columbia Banking System by 32.5% in the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock worth $345,113,000 after buying an additional 3,290,560 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Columbia Banking System by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider's stock valued at $351,179,000 after acquiring an additional 163,543 shares during the period. Institutional investors own 92.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on COLB. Royal Bank Of Canada boosted their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Zacks Research lowered shares of Columbia Banking System from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Finally, Piper Sandler raised their price target on shares of Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Columbia Banking System currently has a consensus rating of "Hold" and an average target price of $33.35.

Columbia Banking System Trading Down 0.7%

Shares of NASDAQ COLB opened at $30.84 on Friday. The firm has a market capitalization of $8.72 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 3.08 and a beta of 0.63. Columbia Banking System, Inc. has a 1 year low of $23.83 and a 1 year high of $33.67. The firm's 50-day moving average is $31.72 and its 200-day moving average is $30.05.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same period in the previous year, the firm posted $0.76 earnings per share. As a group, equities research analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, August 28th. This represents a $1.48 annualized dividend and a dividend yield of 4.8%. Columbia Banking System's payout ratio is presently 58.96%.

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the transaction, the chief marketing officer owned 18,636 shares of the company's stock, valued at $554,793.72. This represents a 17.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by company insiders.

Columbia Banking System 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.

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