Hsbc Holdings PLC Sells 10,722 Shares of Columbia Banking System, Inc. $COLB

Key Points

• Hsbc Holdings PLC reduced its stake in Columbia Banking System by 52.3%, holding 9,769 shares after selling 10,722 shares, with its holdings valued at $243,000.
• Columbia Banking System reported quarterly earnings of $0.76 per share, exceeding the consensus estimate of $0.66, alongside an 8.2% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.36 per share, set to be paid on September 15th, which offers a yield of 5.4%.

Hsbc Holdings PLC trimmed its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 52.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,769 shares of the financial services provider's stock after selling 10,722 shares during the period. Hsbc Holdings PLC's holdings in Columbia Banking System were worth $243,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. increased its holdings in Columbia Banking System by 21.0% during the 1st quarter. Raymond James Financial Inc. now owns 1,006,864 shares of the financial services provider's stock valued at $25,111,000 after purchasing an additional 174,754 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Columbia Banking System by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider's stock valued at $162,791,000 after purchasing an additional 1,012,796 shares in the last quarter. Sit Investment Associates Inc. increased its holdings in Columbia Banking System by 28.2% during the 1st quarter. Sit Investment Associates Inc. now owns 39,875 shares of the financial services provider's stock valued at $994,000 after purchasing an additional 8,775 shares in the last quarter. Boston Partners increased its holdings in Columbia Banking System by 0.3% during the 1st quarter. Boston Partners now owns 1,274,611 shares of the financial services provider's stock valued at $31,340,000 after purchasing an additional 3,322 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Columbia Banking System by 33.0% during the 1st quarter. Russell Investments Group Ltd. now owns 349,836 shares of the financial services provider's stock valued at $8,724,000 after purchasing an additional 86,817 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Stock Up 0.5%

Shares of Columbia Banking System stock traded up $0.13 during trading on Friday, reaching $26.90. 7,257,416 shares of the company were exchanged, compared to its average volume of 4,647,491. Columbia Banking System, Inc. has a twelve month low of $19.61 and a twelve month high of $32.85. The business has a 50-day moving average price of $25.14 and a 200-day moving average price of $24.25. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of 10.67 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 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 analysts' expectations of $492.00 million. During the same period in the previous year, the firm earned $0.67 earnings per share. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, August 29th. This represents a $1.44 annualized dividend and a yield of 5.4%. Columbia Banking System's payout ratio is currently 57.14%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price target on Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. 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. Barclays lifted their target price on Columbia Banking System from $27.00 to $30.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Citigroup reissued a "neutral" rating and issued a $26.00 target price (up from $22.00) on shares of Columbia Banking System in a research note on Monday, July 28th. Finally, Piper Sandler lifted their target price on Columbia Banking System from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. 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. Based on data from MarketBeat.com, Columbia Banking System presently has an average rating of "Hold" and an average price target of $29.07.

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.