Mirae Asset Global Investments Co. Ltd. Buys 87,627 Shares of Columbia Banking System, Inc. $COLB

Mirae Asset Global Investments Co. Ltd. grew its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 45.8% during the 3rd quarter, Holdings Channel reports. The firm owned 278,899 shares of the financial services provider’s stock after purchasing an additional 87,627 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Columbia Banking System were worth $7,179,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in Columbia Banking System by 35.4% during the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after purchasing an additional 14,824 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Columbia Banking System by 23.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock worth $2,063,000 after buying an additional 15,845 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Columbia Banking System by 572.7% during the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after buying an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock valued at $12,290,000 after acquiring an additional 108,994 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Columbia Banking System by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock valued at $22,128,000 after acquiring an additional 16,165 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Wall Street Analysts Forecast Growth

COLB has been the topic of a number of research analyst reports. Citigroup increased their price target on Columbia Banking System from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, January 26th. Royal Bank Of Canada increased their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Piper Sandler raised their target price on Columbia Banking System from $34.50 to $36.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. DA Davidson upped their price target on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Finally, UBS Group reissued a “neutral” rating and set a $30.00 price objective on shares of Columbia Banking System in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $31.65.

Columbia Banking System Trading Up 1.4%

Columbia Banking System stock opened at $29.44 on Friday. The company has a market cap of $8.81 billion, a PE ratio of 13.03 and a beta of 0.60. Columbia Banking System, Inc. has a 1 year low of $19.61 and a 1 year high of $31.11. The company’s 50-day moving average is $28.66 and its two-hundred day moving average is $26.77.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The business had revenue of $715.00 million during the quarter, compared to the consensus estimate of $693.23 million. During the same period in the previous year, the firm posted $0.71 earnings per share. Research analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a $0.37 dividend. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.0%. Columbia Banking System’s dividend payout ratio (DPR) is currently 65.49%.

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.