Bank of New York Mellon Corp Has $180.67 Million Stock Holdings in Columbia Banking System, Inc. $COLB

Bank of New York Mellon Corp raised its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 145.3% during the third quarter, Holdings Channel reports. The firm owned 7,019,088 shares of the financial services provider’s stock after buying an additional 4,157,835 shares during the period. Bank of New York Mellon Corp’s holdings in Columbia Banking System were worth $180,671,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. True Wealth Design LLC lifted its position in shares of Columbia Banking System by 612.8% during the 3rd quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock worth $26,000 after buying an additional 864 shares during the period. West Oak Capital LLC acquired a new position in Columbia Banking System during the third quarter worth $28,000. Quent Capital LLC bought a new position in shares of Columbia Banking System during the third quarter valued at $29,000. Geneos Wealth Management Inc. lifted its holdings in shares of Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 794 shares during the period. Finally, First Horizon Corp acquired a new stake in shares of Columbia Banking System in the 3rd quarter valued at $31,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Trading Up 1.4%

Shares of NASDAQ:COLB opened at $29.44 on Friday. Columbia Banking System, Inc. has a 1-year low of $19.61 and a 1-year high of $31.11. The stock has a market capitalization of $8.81 billion, a P/E ratio of 13.03 and a beta of 0.60. The business has a 50-day moving average price of $28.66 and a two-hundred day moving average price of $26.75.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.10. The company had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. During the same quarter last year, the firm earned $0.71 EPS. As a group, equities analysts predict that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Friday, November 28th. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s dividend payout ratio is presently 65.49%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on COLB shares. Wall Street Zen raised shares of Columbia Banking System to a “hold” rating in a report on Saturday, December 27th. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Piper Sandler boosted their target price on Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a report on Monday. TD Cowen reaffirmed a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Finally, Stephens lifted their price objective on Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Columbia Banking System has an average rating of “Hold” and a consensus target price of $31.65.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.