Columbia Banking System, Inc. $COLB Shares Purchased by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its stake in Columbia Banking System by 2.7% in the fourth quarter, bringing its holdings to 5.7 million shares worth about $159.3 million.
• Analyst sentiment is mixed, with recent rating changes including a downgrade to hold and a price target range that now centers around a consensus target of $32.13.
• Columbia Banking System reported stronger-than-expected earnings for the latest quarter, posting EPS of $0.72 versus estimates of $0.68, and it also announced a quarterly dividend of $0.37 per share, implying a 5.2% yield.

Geode Capital Management LLC increased its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,698,017 shares of the financial services provider's stock after purchasing an additional 151,297 shares during the quarter. Geode Capital Management LLC owned 1.90% of Columbia Banking System worth $159,291,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Columbia Banking System by 41.3% during the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider's stock worth $768,375,000 after purchasing an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP increased its position in Columbia Banking System by 135.2% during the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock worth $354,754,000 after buying an additional 7,921,303 shares in the last quarter. State Street Corp increased its position in Columbia Banking System by 32.5% during the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock worth $345,113,000 after buying an additional 3,290,560 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Columbia Banking System by 68.1% during the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider's stock worth $337,611,000 after buying an additional 5,313,883 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Columbia Banking System by 11.9% during the third quarter. American Century Companies Inc. now owns 10,016,178 shares of the financial services provider's stock worth $257,816,000 after buying an additional 1,067,491 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on COLB shares. Wall Street Zen downgraded Columbia Banking System from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. Weiss Ratings raised Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. UBS Group started coverage on Columbia Banking System in a research report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target for the company. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating for the company in a research report on Wednesday, April 1st. Finally, Piper Sandler raised their price target on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Columbia Banking System presently has an average rating of "Hold" and a consensus target price of $32.13.

Columbia Banking System Stock Down 2.0%

Shares of NASDAQ:COLB opened at $28.59 on Thursday. The company has a market cap of $8.28 billion, a P/E ratio of 11.39 and a beta of 0.63. Columbia Banking System, Inc. has a 52 week low of $21.91 and a 52 week high of $32.70. The business has a fifty day simple moving average of $28.95 and a 200-day simple moving average of $28.82.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.04. The business had revenue of $675.00 million during the quarter, compared to the consensus estimate of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The business's revenue for the quarter was up 37.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.67 earnings per share. Sell-side analysts expect that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.2%. Columbia Banking System's payout ratio is currently 58.96%.

Columbia Banking System 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.

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