First Trust Advisors LP reduced its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 37.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,203,045 shares of the financial services provider's stock after selling 729,796 shares during the period. First Trust Advisors LP owned approximately 0.42% of Columbia Banking System worth $33,000,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Rice Partnership LLC purchased a new stake in Columbia Banking System during the 1st quarter worth about $362,000. Dimensional Fund Advisors LP grew its holdings in Columbia Banking System by 3.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider's stock valued at $371,656,000 after buying an additional 408,087 shares in the last quarter. Parallel Advisors LLC grew its holdings in Columbia Banking System by 35.2% during the 1st quarter. Parallel Advisors LLC now owns 5,130 shares of the financial services provider's stock valued at $141,000 after buying an additional 1,336 shares in the last quarter. Swiss National Bank increased its position in shares of Columbia Banking System by 0.4% during the first quarter. Swiss National Bank now owns 592,193 shares of the financial services provider's stock valued at $16,244,000 after buying an additional 2,300 shares during the period. Finally, Kera Capital Partners Inc. increased its position in shares of Columbia Banking System by 5.7% during the first quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider's stock valued at $217,000 after buying an additional 425 shares during the period. 92.53% of the stock is currently owned by hedge funds and other institutional investors.
Columbia Banking System Stock Up 1.2%
NASDAQ COLB opened at $31.27 on Wednesday. The stock's 50-day simple moving average is $31.08 and its two-hundred day simple moving average is $29.74. Columbia Banking System, Inc. has a twelve month low of $22.77 and a twelve month high of $33.67. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.11 and a beta of 0.62.
Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.73 by $0.03. The firm had revenue of $680.00 million during the quarter, compared to analysts' expectations of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period in the prior year, the business earned $0.76 EPS. On average, equities analysts expect that Columbia Banking System, Inc. will post 3.03 earnings per share for the current fiscal year.
Columbia Banking System Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.7%. Columbia Banking System's dividend payout ratio is currently 58.96%.
Insider Buying and Selling
In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on COLB shares. Piper Sandler upped their target price on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Royal Bank Of Canada increased their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Barclays boosted their target price on Columbia Banking System from $29.00 to $31.00 and gave the stock an "equal weight" rating in a research report on Friday. Fundamental Research set a $35.00 price target on Columbia Banking System in a research report on Wednesday, July 1st. Finally, Wall Street Zen lowered Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $33.27.
View Our Latest Analysis on Columbia Banking System
Columbia Banking System Company Profile
(
Free Report)
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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