Mackenzie Financial Corp Raises Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Mackenzie Financial Corp boosted its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 4,089.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,022 shares of the financial services provider's stock after acquiring an additional 395,355 shares during the quarter. Mackenzie Financial Corp owned 0.19% of Columbia Banking System worth $10,940,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of COLB. Forum Financial Management LP acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at $208,000. GTS Securities LLC acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at $301,000. Voloridge Investment Management LLC increased its stake in shares of Columbia Banking System by 12.3% in the fourth quarter. Voloridge Investment Management LLC now owns 118,221 shares of the financial services provider's stock valued at $3,193,000 after buying an additional 12,909 shares in the last quarter. Vident Advisory LLC increased its stake in shares of Columbia Banking System by 12.1% in the fourth quarter. Vident Advisory LLC now owns 13,290 shares of the financial services provider's stock valued at $359,000 after buying an additional 1,436 shares in the last quarter. Finally, WBI Investments LLC increased its stake in shares of Columbia Banking System by 36.0% in the fourth quarter. WBI Investments LLC now owns 37,358 shares of the financial services provider's stock valued at $1,009,000 after buying an additional 9,883 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Torran B. Nixon sold 4,481 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total transaction of $116,461.19. Following the transaction, the vice president now owns 104,869 shares of the company's stock, valued at $2,725,545.31. This represents a 4.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.68% of the company's stock.

Columbia Banking System Stock Performance

Shares of NASDAQ COLB traded down $0.43 during midday trading on Friday, hitting $23.43. 2,246,230 shares of the stock traded hands, compared to its average volume of 1,788,077. The business has a 50 day moving average price of $23.28 and a two-hundred day moving average price of $26.18. Columbia Banking System, Inc. has a one year low of $18.20 and a one year high of $32.85. The company has a market cap of $4.93 billion, a PE ratio of 9.22 and a beta of 0.59.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The business had revenue of $481.92 million for the quarter, compared to analysts' expectations of $482.86 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The business's revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.15%. Columbia Banking System's dividend payout ratio is presently 61.02%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Columbia Banking System from $26.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Jefferies Financial Group assumed coverage on Columbia Banking System in a research note on Wednesday, May 21st. They issued a "hold" rating and a $27.00 target price for the company. Barclays raised their target price on Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Piper Sandler lowered their price objective on Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, DA Davidson set a $25.00 price objective on Columbia Banking System and gave the stock a "neutral" rating in a research report on Thursday, April 24th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $29.64.

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.