California Public Employees Retirement System reduced its stake in shares of Columbia Banking System Inc (NASDAQ:COLB) by 5.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 123,267 shares of the financial services provider’s stock after selling 7,708 shares during the quarter. California Public Employees Retirement System owned 0.17% of Columbia Banking System worth $4,473,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. First Trust Advisors LP grew its stake in shares of Columbia Banking System by 4.0% during the third quarter. First Trust Advisors LP now owns 125,741 shares of the financial services provider’s stock valued at $4,875,000 after buying an additional 4,840 shares during the last quarter. Wells Fargo & Company MN grew its stake in Columbia Banking System by 2.2% in the third quarter. Wells Fargo & Company MN now owns 305,000 shares of the financial services provider’s stock worth $11,825,000 after purchasing an additional 6,703 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Columbia Banking System by 12.9% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,492 shares of the financial services provider’s stock worth $678,000 after purchasing an additional 2,000 shares in the last quarter. Eagle Asset Management Inc. grew its stake in Columbia Banking System by 1.4% in the third quarter. Eagle Asset Management Inc. now owns 413,779 shares of the financial services provider’s stock worth $16,042,000 after purchasing an additional 5,812 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Columbia Banking System by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 1,035,848 shares of the financial services provider’s stock worth $40,160,000 after purchasing an additional 15,511 shares in the last quarter. Institutional investors own 90.43% of the company’s stock.
Shares of NASDAQ COLB opened at $35.16 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.21. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.91 and a beta of 1.01. Columbia Banking System Inc has a 12-month low of $31.35 and a 12-month high of $45.22.
Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, January 24th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.06). The company had revenue of $144.29 million for the quarter, compared to the consensus estimate of $148.88 million. Columbia Banking System had a net margin of 29.54% and a return on equity of 9.01%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. As a group, equities research analysts expect that Columbia Banking System Inc will post 2.66 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 20th. Shareholders of record on Wednesday, February 6th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.19%. The ex-dividend date was Tuesday, February 5th. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.26. Columbia Banking System’s dividend payout ratio (DPR) is 45.34%.
Several brokerages recently issued reports on COLB. BidaskClub cut Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Stephens began coverage on Columbia Banking System in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $39.00 price objective on the stock. ValuEngine cut Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Thursday, February 14th. Zacks Investment Research cut Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Monday, January 21st. Finally, DA Davidson increased their price objective on Columbia Banking System from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 30th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $43.50.
In other Columbia Banking System news, COO Clint Stein sold 657 shares of the stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $38.32, for a total transaction of $25,176.24. Following the sale, the chief operating officer now owns 24,644 shares of the company’s stock, valued at approximately $944,358.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.06% of the stock is currently owned by company insiders.
Columbia Banking System Company Profile
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.
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