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

Bank of New York Mellon Corp decreased its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 18.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 1.45% of Columbia Banking System worth $75,802,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. D.A. Davidson & CO. raised its position in Columbia Banking System by 13.5% during the first quarter. D.A. Davidson & CO. now owns 165,940 shares of the financial services provider's stock valued at $4,139,000 after purchasing an additional 19,692 shares during the period. Principal Financial Group Inc. grew its position in shares of Columbia Banking System by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 482,353 shares of the financial services provider's stock worth $12,030,000 after buying an additional 1,970 shares in the last quarter. ZWJ Investment Counsel Inc. grew its holdings in Columbia Banking System by 23.0% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 162,561 shares of the financial services provider's stock worth $4,055,000 after acquiring an additional 30,425 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Columbia Banking System by 23.1% during the first quarter. Teacher Retirement System of Texas now owns 61,990 shares of the financial services provider's stock valued at $1,546,000 after buying an additional 11,637 shares during the period. Finally, Sippican Capital Advisors increased 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 valued at $2,694,000 after acquiring an additional 540 shares during the period. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Performance

NASDAQ COLB traded down $0.43 on Friday, reaching $24.75. 3,584,954 shares of the company's stock traded hands, compared to its average volume of 1,820,534. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of 10.49 and a beta of 0.62. The stock has a 50 day moving average price of $23.89 and a 200-day moving average price of $24.96.

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

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders 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 5.82%. Columbia Banking System's dividend payout ratio is presently 61.02%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on COLB shares. Royal Bank Of Canada lowered their price target 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. Keefe, Bruyette & Woods cut their price target 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. Barclays decreased their price objective on Columbia Banking System from $32.00 to $27.00 and set an "equal weight" rating for the company in a report on Tuesday. Wells Fargo & Company lowered Columbia Banking System from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $29.00 to $27.00 in a research report on Thursday. Finally, Wall Street Zen assumed coverage on shares of Columbia Banking System in a research report on Thursday, May 22nd. They set a "hold" rating on the stock. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus 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.