Columbia Banking System, Inc. $COLB Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its holdings in Columbia Banking System, Inc. by 4.5%, owning 1,689,009 shares after selling 79,464 shares in the first quarter.
• Institutional investors hold 92.53% of Columbia Banking System's stock, with notable increases in positions from firms like JPMorgan Chase and Dimensional Fund Advisors.
• The company announced a quarterly dividend of $0.36, representing an annualized yield of 5.3%, to be paid on September 15th.

Northern Trust Corp trimmed its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,689,009 shares of the financial services provider's stock after selling 79,464 shares during the quarter. Northern Trust Corp owned approximately 0.80% of Columbia Banking System worth $42,124,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of Columbia Banking System by 221.3% in the first quarter. JPMorgan Chase & Co. now owns 5,947,950 shares of the financial services provider's stock worth $148,342,000 after acquiring an additional 4,096,733 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Columbia Banking System by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider's stock worth $162,791,000 after acquiring an additional 1,012,796 shares during the last quarter. LSV Asset Management raised its holdings in shares of Columbia Banking System by 81.5% in the first quarter. LSV Asset Management now owns 1,331,143 shares of the financial services provider's stock worth $33,199,000 after acquiring an additional 597,710 shares during the last quarter. Nuveen LLC acquired a new position in shares of Columbia Banking System in the first quarter worth $12,588,000. Finally, Deprince Race & Zollo Inc. raised its holdings in shares of Columbia Banking System by 25.5% in the fourth quarter. Deprince Race & Zollo Inc. now owns 2,109,817 shares of the financial services provider's stock worth $56,986,000 after acquiring an additional 428,776 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

COLB has been the subject of a number of analyst reports. Zacks Research raised Columbia Banking System to a "strong-buy" rating in a report on Monday, August 11th. DA Davidson boosted their price target on Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Wells Fargo & Company boosted their price target on Columbia Banking System from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. 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 target for the company. Finally, Piper Sandler boosted their price target on Columbia Banking System from $32.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Columbia Banking System currently has a consensus rating of "Hold" and a consensus price target of $29.07.

Columbia Banking System Trading Down 1.6%

NASDAQ:COLB traded down $0.42 on Wednesday, hitting $26.61. 7,612,040 shares of the stock were exchanged, compared to its average volume of 3,483,819. The stock has a market cap of $5.60 billion, a PE ratio of 10.56 and a beta of 0.66. The stock has a fifty day moving average of $25.01 and a 200-day moving average of $24.29. 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 announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.66 by $0.10. The company had revenue of $511.55 million during the quarter, compared to analyst estimates of $492.00 million. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%.The firm's revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.67 earnings per share. As a group, analysts predict that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid 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 dividend payout ratio is currently 57.14%.

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.