American Century Companies Inc. Has $188.72 Million Stake in Columbia Banking System, Inc. $COLB

Key Points

• American Century Companies Inc. reduced its stake in Columbia Banking System by 0.5%, now owning approximately 3.60% of the company, valued at $188.72 million.
• Columbia Banking System recently reported $0.76 EPS for the quarter, exceeding estimates, and an 8.2% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.36, translating to an annualized yield of 5.6% and a payout ratio of 57.14%.

American Century Companies Inc. cut its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 0.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,567,090 shares of the financial services provider's stock after selling 35,481 shares during the period. American Century Companies Inc. owned approximately 3.60% of Columbia Banking System worth $188,723,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. State of Michigan Retirement System boosted its stake in shares of Columbia Banking System by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock worth $1,251,000 after acquiring an additional 500 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Columbia Banking System by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock worth $1,464,000 after acquiring an additional 500 shares during the last quarter. Xponance Inc. grew its holdings in shares of Columbia Banking System by 2.2% in the 1st quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock worth $606,000 after acquiring an additional 517 shares during the last quarter. Sippican Capital Advisors grew its holdings in shares of Columbia Banking System by 0.5% in the 1st quarter. Sippican Capital Advisors now owns 108,027 shares of the financial services provider's stock worth $2,694,000 after acquiring an additional 540 shares during the last quarter. Finally, Mengis Capital Management Inc. grew its holdings in shares of Columbia Banking System by 1.2% in the 1st quarter. Mengis Capital Management Inc. now owns 49,982 shares of the financial services provider's stock worth $1,247,000 after acquiring an additional 572 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB traded down $0.2320 during midday trading on Thursday, hitting $25.3780. 603,165 shares of the stock were exchanged, compared to its average volume of 1,964,802. The company has a market capitalization of $5.34 billion, a PE ratio of 10.05 and a beta of 0.62. The business's fifty day simple moving average is $24.18 and its two-hundred day simple moving average is $24.35. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.10. The firm had revenue of $511.55 million for the quarter, compared to analyst estimates of $492.00 million. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The company's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 earnings per share. As a group, equities analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Friday, August 29th. Columbia Banking System's dividend payout ratio is presently 57.14%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on COLB shares. Zacks Research upgraded Columbia Banking System to a "strong-buy" rating in a report on Monday, August 11th. Piper Sandler lifted their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Wells Fargo & Company lifted their target price on Columbia Banking System from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. Stephens upgraded Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 target price on the stock in a report on Monday, August 4th. Finally, Barclays increased their target price on Columbia Banking System from $27.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $28.86.

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.