Palisade Capital Management LP Decreases Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Palisade Capital Management LP trimmed its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 1.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,074,071 shares of the financial services provider's stock after selling 10,872 shares during the quarter. Palisade Capital Management LP owned 0.51% of Columbia Banking System worth $26,787,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Arizona State Retirement System lifted its holdings in shares of Columbia Banking System by 0.8% in the 4th quarter. Arizona State Retirement System now owns 60,758 shares of the financial services provider's stock worth $1,641,000 after acquiring an additional 469 shares during the last quarter. Sippican Capital Advisors increased its stake in shares of Columbia Banking System by 0.5% in the first quarter. Sippican Capital Advisors now owns 108,027 shares of the financial services provider's stock worth $2,694,000 after buying an additional 540 shares during the period. Treasurer of the State of North Carolina increased its stake in shares of Columbia Banking System by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 91,679 shares of the financial services provider's stock worth $2,476,000 after buying an additional 580 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Columbia Banking System by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 24,552 shares of the financial services provider's stock worth $612,000 after buying an additional 660 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of Columbia Banking System by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 9,803 shares of the financial services provider's stock worth $265,000 after buying an additional 671 shares during the period. 92.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

COLB has been the topic of several analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a research note on Thursday, April 24th. Piper Sandler decreased their target price on shares of Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Barclays lifted their target price on shares of Columbia Banking System from $27.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Friday, April 25th. Royal Bank Of Canada cut their price target on shares of Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, DA Davidson lifted their price target on shares of Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Eleven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $29.29.

Columbia Banking System Price Performance

Columbia Banking System stock traded up $0.38 during mid-day trading on Friday, reaching $25.45. The stock had a trading volume of 2,244,870 shares, compared to its average volume of 1,815,217. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of 10.78 and a beta of 0.62. The company has a 50-day moving average price of $23.68 and a two-hundred day moving average price of $25.00. Columbia Banking System, Inc. has a one year low of $19.18 and a one year high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.04. The company had revenue of $481.92 million for the quarter, compared to analysts' expectations of $482.86 million. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. Columbia Banking System's revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.65 EPS. On average, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.66%. The ex-dividend date of this dividend was Friday, May 30th. Columbia Banking System's payout ratio is 61.02%.

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.