Franklin Resources Inc. Has $165.45 Million Stake in Columbia Banking System, Inc. $COLB

Key Points

• Franklin Resources trimmed its Columbia Banking System stake by 3.3% in the fourth quarter, but still held 5.9 million shares valued at about $165.4 million at quarter-end.
• Columbia Banking System shares were up 1.6% to $30.15, and the company reported quarterly EPS of $0.72, topping analyst estimates by $0.04 while revenue rose 37.9% year over year.
• The bank declared a quarterly dividend of $0.37 per share, implying an annualized yield of about 4.9%; analysts currently have a consensus Hold rating with a $32.13 price target.

Franklin Resources Inc. decreased its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,919,391 shares of the financial services provider's stock after selling 201,039 shares during the quarter. Franklin Resources Inc. owned 1.98% of Columbia Banking System worth $165,447,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of COLB. Vanguard Group Inc. raised its stake 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 acquiring an additional 8,730,937 shares in the last quarter. Wellington Management Group LLP raised its stake 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 acquiring an additional 7,921,303 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 5,313,883 shares in the last quarter. Norges Bank acquired a new position in Columbia Banking System during the fourth quarter worth about $103,012,000. Finally, State Street Corp raised its stake 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 acquiring an additional 3,290,560 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Trading Up 1.6%

Shares of COLB stock opened at $30.15 on Wednesday. The business's 50-day moving average price is $29.15 and its 200-day moving average price is $28.92. Columbia Banking System, Inc. has a 12 month low of $21.91 and a 12 month high of $32.70. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 12.01 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings results 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. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The firm had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. During the same period last year, the firm posted $0.67 earnings per share. The business's revenue for the quarter was up 37.9% on a year-over-year basis. On average, sell-side analysts predict that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, May 29th. Columbia Banking System's payout ratio is currently 58.96%.

Analyst Ratings Changes

COLB has been the subject of several research analyst reports. UBS Group initiated coverage on Columbia Banking System in a research note on Tuesday, April 7th. They set a "neutral" rating and a $30.00 target price for the company. Wells Fargo & Company boosted their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Monday, March 30th. Piper Sandler boosted their target price on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. JPMorgan Chase & Co. cut their price target on Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 1st. Finally, Citigroup lifted their price target on Columbia Banking System from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Columbia Banking System has a consensus rating of "Hold" and a consensus price target of $32.13.

About Columbia Banking System

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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