Cerity Partners LLC Buys Shares of 232,139 Columbia Banking System, Inc. (NASDAQ:COLB)

Cerity Partners LLC bought a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 232,139 shares of the financial services provider’s stock, valued at approximately $59,000. Cerity Partners LLC owned about 0.11% of Columbia Banking System at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its stake in Columbia Banking System by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,079,502 shares of the financial services provider’s stock valued at $143,714,000 after acquiring an additional 26,010 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Columbia Banking System in the 3rd quarter valued at $80,011,000. American Century Companies Inc. boosted its position in shares of Columbia Banking System by 32.5% in the 3rd quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after purchasing an additional 967,009 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Columbia Banking System by 13.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,020,138 shares of the financial services provider’s stock worth $41,009,000 after purchasing an additional 243,841 shares during the period. Finally, Northern Trust Corp increased its holdings in Columbia Banking System by 0.5% in the third quarter. Northern Trust Corp now owns 1,772,558 shares of the financial services provider’s stock valued at $35,983,000 after purchasing an additional 8,945 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Insider Transactions at Columbia Banking System

In related news, insider Aaron James Deer bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the acquisition, the insider now owns 36,850 shares of the company’s stock, valued at approximately $711,942. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was purchased at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the purchase, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Aaron James Deer acquired 2,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were purchased at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the purchase, the insider now directly owns 36,850 shares in the company, valued at $711,942. The disclosure for this purchase can be found here. Company insiders own 0.59% of the company’s stock.

Columbia Banking System Stock Performance

Shares of Columbia Banking System stock opened at $18.81 on Wednesday. The firm has a market cap of $3.94 billion, a PE ratio of 8.07 and a beta of 0.71. The business’s 50 day simple moving average is $18.52 and its 200 day simple moving average is $21.15. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.12. The company had revenue of $473.72 million during the quarter, compared to analysts’ expectations of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 2.25 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were given a dividend of $0.36 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.44 annualized dividend and a yield of 7.66%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on COLB shares. DA Davidson reduced their target price on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Piper Sandler decreased their price objective on shares of Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating for the company in a report on Thursday, January 25th. Stephens downgraded shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $31.00 to $24.00 in a research note on Thursday, January 25th. Barclays lifted their price target on shares of Columbia Banking System from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Finally, TheStreet cut shares of Columbia Banking System from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.19.

About Columbia Banking System

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.