Columbia Banking System, Inc. $COLB Holdings Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its Columbia Banking System stake by 25.5% in the first quarter, acquiring 294,537 additional shares for a total of 1.45 million shares worth approximately $39.8 million. Institutional investors and hedge funds collectively own 92.53% of COLB.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a consensus price target of $33.35. Recent target changes ranged from $34 to $36, while ratings include eight Holds, four Buys, one Strong Buy and one Sell.
• Columbia Banking System reported quarterly earnings of $0.76 per share, beating estimates of $0.73, although revenue of $677 million fell short of the $687.4 million forecast. The stock recently traded at $32.44, near its 52-week high of $33.67.

Bank of America Corp DE lifted its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 25.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,451,405 shares of the financial services provider's stock after acquiring an additional 294,537 shares during the quarter. Bank of America Corp DE owned approximately 0.50% of Columbia Banking System worth $39,812,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in 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 worth $506,069,000 after buying an additional 4,324,006 shares during the period. Dimensional Fund Advisors LP increased its holdings in Columbia Banking System by 3.1% during the 1st 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 stake 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 valued at $345,113,000 after purchasing an additional 3,290,560 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Columbia Banking System by 1.3% in 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 purchasing an additional 163,543 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Columbia Banking System by 140.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider's stock valued at $242,237,000 after purchasing an additional 5,063,212 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on COLB. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a report on Wednesday, July 1st. Piper Sandler boosted their price target on Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Wall Street Zen lowered Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Wells Fargo & Company increased their target price on Columbia Banking System from $32.00 to $34.00 and gave the company an "equal weight" rating in a research report on Monday. Finally, Weiss Ratings raised Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $33.35.

Columbia Banking System Trading Up 0.6%

Columbia Banking System stock opened at $32.44 on Friday. Columbia Banking System, Inc. has a 1-year low of $23.83 and a 1-year high of $33.67. The firm has a 50 day simple moving average of $31.55 and a 200 day simple moving average of $29.95. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 3.19 and a beta of 0.63.

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

Insider Buying and Selling

In other news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.57% of the stock is owned by insiders.

Columbia Banking System Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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