TD Asset Management Inc Sells 23,793 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Key Points

• TD Asset Management Inc reduced its shares in Columbia Banking System by 5.5% in the first quarter, dropping its ownership to approximately 407,699 shares valued at over $10 million.
• Columbia Banking System's latest earnings report showed earnings per share of $0.76, exceeding expectations of $0.66, with revenue also surpassing forecasts at $511.55 million.
• Analysts have varying price targets for the stock, with Piper Sandler raising its target to $32.00, while a consensus average target price stands at $28.93, indicating a general hold recommendation.

TD Asset Management Inc lowered its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 5.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 407,699 shares of the financial services provider's stock after selling 23,793 shares during the quarter. TD Asset Management Inc owned approximately 0.19% of Columbia Banking System worth $10,168,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new position in Columbia Banking System in the 4th quarter worth about $29,000. UMB Bank n.a. grew its stake in Columbia Banking System by 141.3% during the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 958 shares in the last quarter. Kapitalo Investimentos Ltda purchased a new position in Columbia Banking System during the 4th quarter valued at about $42,000. Financial Harvest LLC purchased a new position in Columbia Banking System during the 1st quarter valued at about $53,000. Finally, Reyes Financial Architecture Inc. purchased a new position in Columbia Banking System during the 1st quarter valued at about $118,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. lowered their target price on 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. Stephens raised Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 target price on the stock in a research note on Monday. Keefe, Bruyette & Woods lowered their target price on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a research note on Thursday, April 24th. Finally, DA Davidson lifted their target price on Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Columbia Banking System has a consensus rating of "Hold" and a consensus target price of $28.86.

Columbia Banking System Stock Performance

Columbia Banking System stock traded up $0.62 on Monday, reaching $23.88. The company's stock had a trading volume of 2,317,264 shares, compared to its average volume of 1,956,674. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 9.48 and a beta of 0.62. The business's fifty day moving average price is $23.83 and its 200 day moving average price is $24.60. Columbia Banking System, Inc. has a twelve month low of $19.61 and a twelve month high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $511.55 million for the quarter, compared to analyst estimates of $492.00 million. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 6.0%. The ex-dividend date was Friday, May 30th. Columbia Banking System's dividend payout ratio is currently 57.14%.

About Columbia Banking System

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.