The Texas Permanent School Fund reduced its holdings in Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 1.7% in the first quarter, according to the company in its most recent Form 13F filed with the Securities and Exchange Commission ( DRY) . The company held 55,108 shares of the financial services provider after selling 925 shares during the quarter. The Texas Permanent School Fund held approximately 0.07% of Columbia Banking System worth $1,778,000 at the end of the last quarter.
A number of other hedge funds have also recently increased or reduced their stakes in the company. State Street Corp increased its stake in Columbia Banking System by 38.2% in the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider worth $162,205,000 after purchasing an additional 1,370,893 shares during the period. Dimensional Fund Advisors LP increased its holdings in Columbia Banking System by 15.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,348,653 shares of the financial services provider worth $109,568,000 after purchasing an additional 458,588 shares during the period. Westwood Holdings Group Inc. increased its stake in Columbia Banking System by 45.8% in the fourth quarter. Westwood Holdings Group Inc. now owns 2,009,137 shares of the financial services provider worth $65,739,000 after purchasing an additional 631,265 shares during the period. Thrivent Financial for Lutherans increased its holdings in Columbia Banking System by 36.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,810,456 shares of the financial services provider worth $59,238,000 after purchasing an additional 480,745 shares during the period. Finally, Geode Capital Management LLC increased its stake in Columbia Banking System by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 1,489,091 shares of the financial services provider worth $48,723,000 after purchasing an additional 112,129 shares during the period. Institutional investors and hedge funds hold 94.44% of the company’s shares.
Columbia banking system stock up 1.5%
NASDAQ COLB shares opened at $32.13 on Friday. Columbia Banking System, Inc. has a fifty-two week low of $26.97 and a fifty-two week high of $40.78. The company’s 50-day simple moving average is $29.38 and its 200-day simple moving average is $31.38. The stock has a market capitalization of $2.53 billion, a P/E ratio of 11.56 and a beta of 0.67.
Columbia Banking System (NASDAQ:COLB – Get Rating) last released quarterly earnings data on Thursday, July 21. The financial services provider reported earnings per share of $0.75 for the quarter, missing analyst consensus estimates of $0.77 per ($0.02). Columbia Banking System had a net margin of 31.28% and a return on equity of 9.68%. In the same quarter of the previous year, the company achieved EPS of $0.77. On average, sell-side analysts expect Columbia Banking System, Inc. to post earnings per share of 2.71 for the current fiscal year.
Columbia Banking System Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 17. Shareholders of record on Wednesday, August 3 will receive a dividend of $0.30. This represents an annualized dividend of $1.20 and a yield of 3.73%. The ex-dividend date is Tuesday, August 2. Columbia Banking System’s dividend payout ratio (DPR) is currently 43.17%.
Changes to analyst ratings
COLB has been the subject of several analyst reports. Piper Sandler cut her price target on Columbia Banking System stock from $35.00 to $31.00 in a Monday, May 2 report. Royal Bank of Canada raised its price target on Columbia Banking System shares from $35.00 to $36.00 and gave the company an “industry performance” rating in a Friday, April 22 report. Finally, Raymond James cut his price target on Columbia Banking System shares from $38.00 to $34.00 and set an “outperform” rating for the company in a Thursday, July 7 report. Four analysts gave the stock a hold rating and two gave the company a buy rating. Based on data from MarketBeat.com, Columbia Banking System currently has a consensus rating of “Hold” and an average target price of $34.80.
Insiders place their bets
In other news from the Columbia Banking System, Director Craig D. Eerkes bought 1,694 shares of the company in a trade on Friday, June 10. The shares were purchased at an average cost of $28.52 per share, for a total transaction of $48,312.88. Following completion of the transaction, the administrator now owns 20,227 shares of the company, valued at $576,874.04. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink. Over the past three months, insiders have purchased 2,713 shares of the company worth $74,593. 0.62% of the shares are held by insiders.
Columbia Banking System Company Profile
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Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium-sized businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.
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