Franklin Resources Inc. lowered its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 10.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,120,430 shares of the financial services provider's stock after selling 715,402 shares during the quarter. Franklin Resources Inc. owned 2.91% of Columbia Banking System worth $157,540,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Columbia Banking System by 41.3% in the 3rd quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider's stock valued at $768,375,000 after buying an additional 8,730,937 shares during the period. Dimensional Fund Advisors LP grew its holdings 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 during the period. HoldCo Asset Management LP purchased a new position in Columbia Banking System during the second quarter valued at approximately $104,819,000. Bank of New York Mellon Corp lifted its holdings in Columbia Banking System by 145.3% in the third quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider's stock valued at $180,671,000 after acquiring an additional 4,157,835 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Columbia Banking System by 25.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider's stock valued at $192,941,000 after acquiring an additional 1,497,177 shares during the period. Hedge funds and other institutional investors own 92.53% of the company's stock.
Insider Buying and Selling
In other news, Director Steven R. Gardner sold 13,725 shares of the firm's stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Torran B. Nixon sold 2,240 shares of Columbia Banking System stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total transaction of $64,624.00. Following the sale, the vice president directly owned 98,229 shares in the company, valued at approximately $2,833,906.65. The trade was a 2.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,206 shares of company stock valued at $531,859 in the last 90 days. Insiders own 0.68% of the company's stock.
Columbia Banking System Trading Down 1.3%
COLB opened at $26.42 on Friday. Columbia Banking System, Inc. has a twelve month low of $19.61 and a twelve month high of $32.70. The firm has a market capitalization of $7.81 billion, a PE ratio of 11.69 and a beta of 0.60. The firm's 50-day moving average price is $29.52 and its 200 day moving average price is $27.82.
Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The company had revenue of $715.00 million during the quarter, compared to analysts' expectations of $693.23 million. During the same period in the prior year, the business earned $0.71 EPS. As a group, analysts predict that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.
Columbia Banking System Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 5.6%. Columbia Banking System's dividend payout ratio is 65.49%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on COLB shares. Piper Sandler raised their price objective on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. Stephens boosted their target price on shares of Columbia Banking System from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Friday, January 23rd. UBS Group reissued a "neutral" rating and set a $33.00 price target on shares of Columbia Banking System in a report on Wednesday, February 4th. Royal Bank Of Canada raised their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a "sector perform" rating in a research report on Friday, January 23rd. Finally, DA Davidson lifted their price objective on shares of Columbia Banking System from $30.00 to $32.50 and gave the company a "neutral" rating in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $32.04.
Check Out Our Latest Report on Columbia Banking System
About Columbia Banking System
(
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.
See Also
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