Phocas Financial Corp. Has $5.69 Million Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Key Points

• Phocas Financial Corp. has reduced its stake in Columbia Banking System, Inc. by 5.4%, now holding 228,169 shares valued at approximately $5.69 million.
• Analysts have a mixed outlook on Columbia Banking System, with price targets ranging from $27.00 to $30.00 and an average rating of "Hold" based on twelve ratings.
• Columbia Banking System reported $0.76 earnings per share for the latest quarter, exceeding the consensus estimate and marking an 8.2% revenue increase compared to the previous year.

Phocas Financial Corp. cut its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 228,169 shares of the financial services provider's stock after selling 13,085 shares during the quarter. Phocas Financial Corp. owned 0.11% of Columbia Banking System worth $5,691,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of COLB. Teacher Retirement System of Texas lifted its holdings in Columbia Banking System by 23.1% during the first quarter. Teacher Retirement System of Texas now owns 61,990 shares of the financial services provider's stock valued at $1,546,000 after purchasing an additional 11,637 shares during the last quarter. Principal Financial Group Inc. raised its stake in Columbia Banking System by 0.4% during the first quarter. Principal Financial Group Inc. now owns 482,353 shares of the financial services provider's stock valued at $12,030,000 after buying an additional 1,970 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Columbia Banking System by 3.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 40,952 shares of the financial services provider's stock worth $1,021,000 after buying an additional 1,548 shares in the last quarter. State of Alaska Department of Revenue raised its position in 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 acquiring an additional 660 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Columbia Banking System by 34.5% during the first quarter. GAMMA Investing LLC now owns 5,331 shares of the financial services provider's stock worth $133,000 after purchasing an additional 1,368 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

COLB has been the subject of several research reports. Wall Street Zen started coverage on Columbia Banking System in a report on Thursday, May 22nd. They issued a "hold" rating for the company. Keefe, Bruyette & Woods reduced their price target on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company lifted their target price on shares of Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. Stephens upgraded Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 target price on the stock in a research report on Monday. Finally, Piper Sandler boosted their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Eleven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Columbia Banking System has a consensus rating of "Hold" and an average target price of $28.86.

Columbia Banking System Trading Down 1.3%

Shares of Columbia Banking System stock traded down $0.32 during trading on Thursday, hitting $23.56. 651,489 shares of the stock traded hands, compared to its average volume of 1,945,017. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $32.85. The stock's fifty day simple moving average is $23.84 and its 200 day simple moving average is $24.56. The firm has a market cap of $4.95 billion, a P/E ratio of 9.33 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share (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 company had revenue of $511.55 million during the quarter, compared to analyst estimates of $492.00 million. During the same quarter last year, the business posted $0.67 EPS. The firm's quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend was Friday, May 30th. Columbia Banking System's dividend payout ratio is presently 57.14%.

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.