Bank of New York Mellon Corp Lowers Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Bank of New York Mellon Corp lessened its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 18.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,039,363 shares of the financial services provider's stock after selling 669,776 shares during the period. Bank of New York Mellon Corp owned approximately 1.45% of Columbia Banking System worth $75,802,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas lifted its stake in shares of Columbia Banking System by 23.1% in the 1st quarter. Teacher Retirement System of Texas now owns 61,990 shares of the financial services provider's stock worth $1,546,000 after acquiring an additional 11,637 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Columbia Banking System by 3.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 40,952 shares of the financial services provider's stock worth $1,021,000 after acquiring an additional 1,548 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of Columbia Banking System by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 24,552 shares of the financial services provider's stock worth $612,000 after acquiring an additional 660 shares during the period. William Blair Investment Management LLC lifted its stake in shares of Columbia Banking System by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 1,774,443 shares of the financial services provider's stock worth $47,928,000 after acquiring an additional 42,527 shares during the period. Finally, QRG Capital Management Inc. boosted its holdings in Columbia Banking System by 126.8% during the first quarter. QRG Capital Management Inc. now owns 21,959 shares of the financial services provider's stock worth $548,000 after buying an additional 12,275 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Analyst Upgrades and Downgrades

COLB has been the topic of a number of research analyst reports. DA Davidson boosted their price objective on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Jefferies Financial Group initiated coverage on shares of Columbia Banking System in a report on Wednesday, May 21st. They set a "hold" rating and a $27.00 price objective on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of 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. Royal Bank Of Canada decreased their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company downgraded shares of Columbia Banking System from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Thursday. Twelve research 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 currently has an average rating of "Hold" and a consensus target price of $28.79.

Columbia Banking System Stock Up 0.7%

Shares of NASDAQ:COLB traded up $0.18 during trading on Monday, reaching $24.93. The stock had a trading volume of 1,982,176 shares, compared to its average volume of 1,820,632. The business has a fifty day moving average price of $23.89 and a 200-day moving average price of $24.92. The stock has a market cap of $5.24 billion, a P/E ratio of 10.56 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.

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

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date was Friday, May 30th. Columbia Banking System's dividend payout ratio is presently 61.02%.

Columbia Banking System Company Profile

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.