QRG Capital Management Inc. Buys 12,275 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

QRG Capital Management Inc. grew its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 126.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,959 shares of the financial services provider's stock after acquiring an additional 12,275 shares during the quarter. QRG Capital Management Inc.'s holdings in Columbia Banking System were worth $548,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in COLB. Aster Capital Management DIFC Ltd bought a new position in shares of Columbia Banking System during the fourth quarter valued at $29,000. SBI Securities Co. Ltd. bought a new position in shares of Columbia Banking System during the fourth quarter valued at $32,000. Kapitalo Investimentos Ltda bought a new position in shares of Columbia Banking System during the fourth quarter valued at $42,000. Meeder Asset Management Inc. bought a new position in shares of Columbia Banking System during the fourth quarter valued at $42,000. Finally, UMB Bank n.a. lifted its holdings in shares of Columbia Banking System by 141.3% during the first quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 958 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Up 0.7%

Shares of COLB opened at $22.45 on Friday. The business has a 50-day simple moving average of $23.36 and a two-hundred day simple moving average of $25.39. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 9.51 and a beta of 0.63. Columbia Banking System, Inc. has a 52 week low of $18.40 and a 52 week high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.04. The business had revenue of $481.92 million during the quarter, compared to analysts' expectations of $482.86 million. Columbia Banking System had a return on equity of 11.12% and a net margin of 16.85%. The business's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 earnings per share. On average, equities 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 business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 6.41%. The ex-dividend date of this dividend was Friday, May 30th. Columbia Banking System's payout ratio is 61.02%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on COLB. Wall Street Zen began coverage on Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating on the stock. Piper Sandler lowered their price target on Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Barclays upped their price target on Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. Wells Fargo & Company increased their target price on Columbia Banking System from $26.00 to $29.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods lowered their target price on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a report on Thursday, April 24th. Eleven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Columbia Banking System has a consensus rating of "Hold" and a consensus target price of $29.71.

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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