Headlands Technologies LLC Sells 13,432 Shares of Columbia Banking System, Inc. $COLB

Key Points

• Headlands Technologies LLC drastically reduced its investment in Columbia Banking System, decreasing its holdings by 89.9% and now owns 1,510 shares worth approximately $38,000.
• Columbia Banking System's stock price increased by 3.5%, reaching $26.13, and the company reported an earnings per share (EPS) of $0.76 for the last quarter, exceeding analysts' expectations.
• The firm announced a quarterly dividend of $0.36, resulting in an annualized yield of 5.5%, with a payout ratio of 57.14%.

Headlands Technologies LLC decreased its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 89.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,510 shares of the financial services provider's stock after selling 13,432 shares during the period. Headlands Technologies LLC's holdings in Columbia Banking System were worth $38,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Michigan Retirement System raised its stake in shares of Columbia Banking System by 1.0% in the first quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock worth $1,251,000 after purchasing an additional 500 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of Columbia Banking System by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock valued at $1,464,000 after purchasing an additional 500 shares in the last quarter. Xponance Inc. grew its position in shares of Columbia Banking System by 2.2% in the first quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock valued at $606,000 after purchasing an additional 517 shares in the last quarter. Sippican Capital Advisors boosted its stake in Columbia Banking System by 0.5% during the first quarter. Sippican Capital Advisors now owns 108,027 shares of the financial services provider's stock valued at $2,694,000 after buying an additional 540 shares during the period. Finally, Mengis Capital Management Inc. lifted its stake in Columbia Banking System by 1.2% during the first quarter. Mengis Capital Management Inc. now owns 49,982 shares of the financial services provider's stock worth $1,247,000 after purchasing an additional 572 shares during the last quarter. Institutional investors own 92.53% of the company's stock.

Wall Street Analysts Forecast Growth

COLB has been the topic of several analyst reports. Raymond James Financial set a $27.00 price objective on Columbia Banking System and gave the stock an "outperform" rating in a report on Thursday, April 24th. Jefferies Financial Group initiated coverage on Columbia Banking System in a report on Wednesday, May 21st. They issued a "hold" rating and a $27.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective 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. Citigroup restated a "neutral" rating and set a $26.00 price target (up previously from $22.00) on shares of Columbia Banking System in a report on Monday, July 28th. Finally, Piper Sandler boosted their price target on Columbia Banking System from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Eleven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $28.86.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB traded down $0.06 during midday trading on Monday, hitting $25.59. The company had a trading volume of 432,526 shares, compared to its average volume of 1,964,517. The company has a market cap of $5.38 billion, a price-to-earnings ratio of 10.15 and a beta of 0.62. Columbia Banking System, Inc. has a 12-month low of $19.61 and a 12-month high of $32.85. The company has a fifty day moving average of $24.07 and a two-hundred day moving average of $24.35.

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, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $492.00 million. During the same quarter in the prior year, the business posted $0.67 EPS. Columbia Banking System's revenue for the quarter was up 8.2% compared to the same quarter last year. Research analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.6%. Columbia Banking System's dividend payout ratio (DPR) is presently 57.14%.

Columbia Banking System 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.