LPL Financial LLC Has $3.43 Million Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Key Points

• LPL Financial LLC increased its stake in Columbia Banking System by 42.2% during the first quarter, now owning approximately 137,496 shares valued at $3.43 million.
• Columbia Banking System reported a quarterly earnings per share (EPS) of $0.76, surpassing analyst expectations of $0.66, with a year-over-year revenue growth of 8.2%.
• The company has announced a quarterly dividend of $0.36 per share, representing an annualized yield of 5.6%, to be paid on September 15.

LPL Financial LLC grew its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 42.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 137,496 shares of the financial services provider's stock after purchasing an additional 40,826 shares during the quarter. LPL Financial LLC owned about 0.07% of Columbia Banking System worth $3,429,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. UMB Bank n.a. raised its stake in Columbia Banking System by 141.3% during the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock worth $41,000 after buying an additional 958 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Columbia Banking System during the 4th quarter worth $42,000. Financial Harvest LLC acquired a new stake in Columbia Banking System during the 1st quarter worth $53,000. Reyes Financial Architecture Inc. acquired a new stake in Columbia Banking System during the 1st quarter worth $118,000. Finally, GAMMA Investing LLC raised its stake in Columbia Banking System by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 5,331 shares of the financial services provider's stock worth $133,000 after buying an additional 1,368 shares during the period. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $25.64 on Friday. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 10.17 and a beta of 0.62. The business has a 50-day moving average of $24.07 and a 200-day moving average of $24.40. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results 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 quarter last year, the company posted $0.67 earnings per share. Columbia Banking System's quarterly revenue was up 8.2% on a year-over-year basis. On average, sell-side analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.6%. Columbia Banking System's payout ratio is currently 57.14%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on COLB shares. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 1st. Wall Street Zen began coverage on Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating for the company. Royal Bank Of Canada decreased their price objective on Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Stephens upgraded Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price objective for the company in a report on Monday, August 4th. Finally, Barclays increased their price objective on Columbia Banking System from $27.00 to $30.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Eleven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of "Hold" and a consensus target price of $28.86.

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.

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