Pinebridge Investments L.P. Sells 13,040 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Pinebridge Investments L.P. reduced its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 15.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 71,634 shares of the financial services provider's stock after selling 13,040 shares during the period. Pinebridge Investments L.P.'s holdings in Columbia Banking System were worth $1,935,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of COLB. Aster Capital Management DIFC Ltd purchased a new stake in Columbia Banking System in the 4th quarter valued at $29,000. SBI Securities Co. Ltd. purchased a new stake in shares of Columbia Banking System in the fourth quarter valued at about $32,000. Meeder Asset Management Inc. bought a new position in shares of Columbia Banking System during the fourth quarter valued at about $42,000. Smartleaf Asset Management LLC boosted its holdings in Columbia Banking System by 62.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider's stock worth $55,000 after purchasing an additional 780 shares during the last quarter. Finally, Principal Securities Inc. grew its position in Columbia Banking System by 171.3% in the 4th quarter. Principal Securities Inc. now owns 2,127 shares of the financial services provider's stock worth $57,000 after purchasing an additional 1,343 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Torran B. Nixon sold 4,481 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the completion of the transaction, the vice president now directly owns 104,869 shares in the company, valued at $2,725,545.31. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is currently owned by insiders.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB traded up $0.70 during trading on Friday, hitting $23.69. 1,817,675 shares of the company were exchanged, compared to its average volume of 1,765,258. Columbia Banking System, Inc. has a 52-week low of $18.11 and a 52-week high of $32.85. The stock has a 50 day moving average of $23.66 and a 200 day moving average of $26.87. The company has a market cap of $4.98 billion, a PE ratio of 9.33 and a beta of 0.53.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $481.92 million for the quarter, compared to analysts' expectations of $482.86 million. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The firm's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 EPS. Sell-side analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.44 annualized dividend and a yield of 6.08%. Columbia Banking System's dividend payout ratio is currently 61.02%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Piper Sandler cut their target price on 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. DA Davidson set a $25.00 price objective on Columbia Banking System and gave the company a "neutral" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. lowered their target price on Columbia Banking System from $32.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $26.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of 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. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Columbia Banking System presently has an average rating of "Hold" and a consensus target price of $29.85.

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.