Victory Capital Management Inc. Buys 13,741 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Key Points

• Victory Capital Management Inc. increased its stake in Columbia Banking System by 10.5% during the first quarter, acquiring 13,741 shares to reach a total of 145,029 shares worth approximately $3.6 million.
• Columbia Banking System's stock has a market cap of $5.16 billion and reported a quarterly EPS of $0.76, exceeding estimates and showing an 8.2% rise in revenue year-over-year.
• Analysts have a consensus rating of "Hold" on Columbia Banking System, with target price adjustments reflecting a range of $26.00 to $30.00.

Victory Capital Management Inc. boosted its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 10.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,029 shares of the financial services provider's stock after acquiring an additional 13,741 shares during the period. Victory Capital Management Inc. owned 0.07% of Columbia Banking System worth $3,617,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Bleakley Financial Group LLC boosted its holdings in Columbia Banking System by 8.1% in the first quarter. Bleakley Financial Group LLC now owns 28,485 shares of the financial services provider's stock valued at $710,000 after acquiring an additional 2,123 shares during the last quarter. Reyes Financial Architecture Inc. bought a new stake in Columbia Banking System in the first quarter valued at approximately $118,000. Louisiana State Employees Retirement System boosted its holdings in shares of Columbia Banking System by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock worth $1,464,000 after buying an additional 500 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Columbia Banking System by 4.5% during the 1st quarter. New York State Common Retirement Fund now owns 676,435 shares of the financial services provider's stock worth $16,870,000 after buying an additional 29,341 shares in the last quarter. Finally, Xponance Inc. boosted its holdings in shares of Columbia Banking System by 2.2% during the 1st quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock worth $606,000 after buying an additional 517 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock traded down $0.26 during trading hours on Thursday, hitting $23.62. 255,552 shares of the company's stock traded hands, compared to its average volume of 1,940,839. Columbia Banking System, Inc. has a 12-month low of $19.61 and a 12-month high of $32.85. The stock has a market capitalization of $4.97 billion, a price-to-earnings ratio of 9.37 and a beta of 0.62. The company has a fifty day simple moving average of $23.84 and a 200-day simple moving average of $24.70.

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

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a $0.36 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.44 annualized dividend and a yield of 6.10%. Columbia Banking System's dividend payout ratio is currently 57.14%.

Analysts Set New Price Targets

A number of research firms have issued reports on COLB. Keefe, Bruyette & Woods cut their price target on 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 increased their target price on Columbia Banking System from $27.00 to $30.00 and gave the stock an "equal weight" rating in a report on Monday. JPMorgan Chase & Co. cut their target price on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a report on Tuesday, July 1st. Jefferies Financial Group assumed coverage on Columbia Banking System in a report on Wednesday, May 21st. They issued a "hold" rating and a $27.00 target price on the stock. Finally, Piper Sandler increased their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $28.93.

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.