Ameriprise Financial Inc. Has $43.55 Million Stock Holdings in Columbia Banking System, Inc. $COLB

Key Points

• Ameriprise Financial Inc. increased its holdings in Columbia Banking System by 1.2%, owning 1,746,178 shares valued at approximately $43.55 million.
• Columbia Banking System reported a higher-than-expected EPS of $0.76 for the last quarter, exceeding estimates and showing an 8.2% revenue growth year-over-year.
• The company has announced a quarterly dividend of $0.36 per share, reflecting an annualized yield of 5.3%, with an upcoming ex-dividend date on August 29th.

Ameriprise Financial Inc. raised its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 1.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,746,178 shares of the financial services provider's stock after purchasing an additional 20,402 shares during the quarter. Ameriprise Financial Inc. owned about 0.83% of Columbia Banking System worth $43,550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Columbia Banking System in the 1st quarter valued at approximately $37,000. UMB Bank n.a. increased its holdings in shares of Columbia Banking System by 141.3% during the first quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 958 shares during the period. Kapitalo Investimentos Ltda bought a new stake in shares of Columbia Banking System during the fourth quarter valued at about $42,000. Financial Harvest LLC acquired a new stake in Columbia Banking System in the first quarter worth about $53,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Columbia Banking System in the 1st quarter valued at about $95,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Price Performance

Columbia Banking System stock traded down $0.38 during midday trading on Wednesday, reaching $26.65. The stock had a trading volume of 1,828,139 shares, compared to its average volume of 2,222,989. Columbia Banking System, Inc. has a twelve month low of $19.61 and a twelve month high of $32.85. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 10.57 and a beta of 0.66. The firm's fifty day simple moving average is $24.93 and its two-hundred day simple moving average is $24.27.

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

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.36 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.4%. Columbia Banking System's dividend payout ratio is currently 57.14%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stephens upgraded shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price target on the stock in a research report on Monday, August 4th. Barclays upped their target price on Columbia Banking System from $27.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. JPMorgan Chase & Co. lowered their price target on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 1st. DA Davidson upped 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, Zacks Research raised Columbia Banking System to a "strong-buy" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $29.07.

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.