Rafferty Asset Management LLC Sells 120,014 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Rafferty Asset Management LLC cut its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 26.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 330,065 shares of the financial services provider's stock after selling 120,014 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.16% of Columbia Banking System worth $8,915,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Columbia Banking System during the 4th quarter worth about $29,000. SBI Securities Co. Ltd. bought a new stake in Columbia Banking System during the 4th quarter worth about $32,000. Meeder Asset Management Inc. bought a new stake in Columbia Banking System during the 4th quarter worth about $42,000. Kapitalo Investimentos Ltda bought a new stake in Columbia Banking System during the 4th quarter worth about $42,000. Finally, Smartleaf Asset Management LLC lifted its position in Columbia Banking System by 62.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider's stock worth $55,000 after buying an additional 780 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set a "neutral" rating on the stock in a research note on Monday, January 27th. StockNews.com assumed coverage on shares of Columbia Banking System in a research note on Wednesday, May 14th. They set a "hold" rating on the stock. Wells Fargo & Company boosted their price objective on shares of Columbia Banking System from $26.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Stephens lowered their price objective on shares of Columbia Banking System from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 28th. Finally, Piper Sandler lowered their price objective 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. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $29.85.

Columbia Banking System Trading Down 0.6%

NASDAQ COLB traded down $0.14 during trading on Tuesday, reaching $24.75. The company's stock had a trading volume of 1,574,790 shares, compared to its average volume of 1,778,248. The firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of 9.74 and a beta of 0.59. Columbia Banking System, Inc. has a 12 month low of $18.11 and a 12 month high of $32.85. The firm has a 50 day moving average price of $23.47 and a 200 day moving average price of $26.59.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.04. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. The company had revenue of $481.92 million during the quarter, compared to the consensus estimate of $482.86 million. During the same quarter in the prior year, the firm posted $0.65 EPS. The firm's quarterly revenue was up 3.7% on a year-over-year basis. On average, equities analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date is Friday, May 30th. Columbia Banking System's dividend payout ratio (DPR) is presently 61.02%.

Insider Transactions at Columbia Banking System

In other news, VP Torran B. Nixon sold 4,481 shares of the company's stock in a transaction that occurred 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 sale, the vice president now owns 104,869 shares of the company's stock, valued at approximately $2,725,545.31. This represents a 4.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.68% of the stock is currently owned by insiders.

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.