Allworth Financial LP Purchases 21,293 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Allworth Financial LP boosted its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 192,748 shares of the financial services provider's stock after purchasing an additional 21,293 shares during the quarter. Allworth Financial LP owned approximately 0.09% of Columbia Banking System worth $4,495,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new position in shares of Columbia Banking System in the 4th quarter valued at approximately $29,000. Kapitalo Investimentos Ltda bought a new stake in shares of Columbia Banking System during the fourth quarter worth $42,000. Meeder Asset Management Inc. bought a new stake in Columbia Banking System in the fourth quarter valued at about $42,000. UMB Bank n.a. increased its holdings in shares of Columbia Banking System by 141.3% in the first quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock worth $41,000 after acquiring an additional 958 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Columbia Banking System by 34.5% in the first quarter. GAMMA Investing LLC now owns 5,331 shares of the financial services provider's stock worth $133,000 after acquiring an additional 1,368 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

Columbia Banking System Price Performance

Shares of COLB stock traded down $1.10 during trading hours on Tuesday, hitting $23.83. The company had a trading volume of 2,094,267 shares, compared to its average volume of 1,821,726. The stock has a market capitalization of $5.01 billion, a PE ratio of 10.10 and a beta of 0.62. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The company's fifty day moving average is $23.89 and its 200 day moving average is $24.92.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The business had revenue of $481.92 million for the quarter, compared to the consensus estimate of $482.86 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The business's quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.44 annualized dividend and a yield of 6.04%. Columbia Banking System's dividend payout ratio is presently 61.02%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on COLB. JPMorgan Chase & Co. cut their price objective on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating for the company in a research report on Tuesday, July 1st. Wells Fargo & Company lowered Columbia Banking System from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $29.00 to $27.00 in a research note on Thursday, July 10th. Piper Sandler decreased their price target on Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. DA Davidson raised their price objective on Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Finally, Keefe, Bruyette & Woods cut their target price on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a report on Thursday, April 24th. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $28.79.

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.