Wellington Management Group LLP Sells 1,516,419 Shares of Columbia Banking System, Inc. $COLB

Key Points

• Wellington Management Group LLP reduced its stake in Columbia Banking System by 37.1%, now holding approximately 1.22% of the company, worth about $64 million.
• Several institutional investors have adjusted their positions in Columbia Banking System, with 92.53% of the stock owned by hedge funds and other institutional investors.
• The stock has received mixed ratings from analysts, with a consensus rating of Hold and an average target price of $28.86.

Wellington Management Group LLP lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 37.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,570,260 shares of the financial services provider's stock after selling 1,516,419 shares during the period. Wellington Management Group LLP owned about 1.22% of Columbia Banking System worth $64,102,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. raised its holdings in Columbia Banking System by 141.3% during the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock worth $41,000 after buying an additional 958 shares during the period. Kapitalo Investimentos Ltda acquired a new position in shares of Columbia Banking System in the 4th quarter valued at about $42,000. Financial Harvest LLC acquired a new position in shares of Columbia Banking System in the 1st quarter valued at about $53,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Columbia Banking System in the 1st quarter valued at about $95,000. Finally, Reyes Financial Architecture Inc. acquired a new position in shares of Columbia Banking System in the 1st quarter valued at about $118,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on COLB. Wells Fargo & Company upped their target price on Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. dropped their target price on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a report on Tuesday, July 1st. Piper Sandler upped their target price on Columbia Banking System from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Zacks Research upgraded Columbia Banking System to a "strong-buy" rating in a report on Monday, August 11th. Finally, Jefferies Financial Group began coverage on Columbia Banking System in a report on Wednesday, May 21st. They issued a "hold" rating and a $27.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Columbia Banking System presently has an average rating of "Hold" and an average target price of $28.86.

Columbia Banking System Price Performance

NASDAQ:COLB traded down $0.17 during mid-day trading on Thursday, reaching $27.14. The stock had a trading volume of 1,125,277 shares, compared to its average volume of 2,043,693. The business's 50 day moving average is $24.59 and its 200 day moving average is $24.31. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The stock has a market cap of $5.71 billion, a P/E ratio of 10.75 and a beta of 0.62.

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

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.36 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.44 dividend on an annualized basis and a yield of 5.3%. Columbia Banking System's dividend payout ratio is currently 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.