Envestnet Asset Management Inc. Grows Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Envestnet Asset Management Inc. raised its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 21.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 196,894 shares of the financial services provider's stock after purchasing an additional 34,730 shares during the period. Envestnet Asset Management Inc. owned 0.09% of Columbia Banking System worth $4,911,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in COLB. Proficio Capital Partners LLC bought a new stake in shares of Columbia Banking System during the fourth quarter valued at approximately $296,000. HighTower Advisors LLC boosted its holdings in Columbia Banking System by 19.9% in the fourth quarter. HighTower Advisors LLC now owns 15,811 shares of the financial services provider's stock worth $427,000 after purchasing an additional 2,625 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Columbia Banking System by 39.9% in the fourth quarter. Teacher Retirement System of Texas now owns 50,353 shares of the financial services provider's stock worth $1,360,000 after purchasing an additional 14,349 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Columbia Banking System in the fourth quarter worth approximately $1,159,000. Finally, LPL Financial LLC boosted its holdings in Columbia Banking System by 29.0% in the fourth quarter. LPL Financial LLC now owns 96,670 shares of the financial services provider's stock worth $2,611,000 after purchasing an additional 21,713 shares during the last quarter. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Up 6.3%

NASDAQ COLB traded up $1.47 on Friday, reaching $24.82. The company had a trading volume of 5,940,410 shares, compared to its average volume of 2,478,296. The stock has a market capitalization of $5.22 billion, a PE ratio of 9.85 and a beta of 0.62. The firm's 50 day moving average price is $23.85 and its 200 day moving average price is $24.75. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.10. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.39%. The firm had revenue of $511.55 million for the quarter, compared to the consensus estimate of $492.00 million. During the same period in the previous year, the firm posted $0.67 EPS. The business's quarterly revenue was up 8.2% on a year-over-year basis. On average, research analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.80%. Columbia Banking System's dividend payout ratio (DPR) is presently 61.02%.

Analysts Set New Price Targets

Several brokerages recently issued reports on COLB. Piper Sandler dropped their target price on shares of Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Raymond James Financial set a $27.00 price target on shares of Columbia Banking System and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Wall Street Zen initiated coverage on shares of Columbia Banking System in a research note on Thursday, May 22nd. They set a "hold" rating on the stock. JPMorgan Chase & Co. dropped their price target on shares of Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 1st. Finally, Barclays dropped their price target on shares of Columbia Banking System from $32.00 to $27.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 8th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $28.79.

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.