Wedge Capital Management L L P NC reduced its holdings in shares of Columbia Banking System Inc (NASDAQ:COLB) by 1.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 180,316 shares of the financial services provider’s stock after selling 2,187 shares during the period. Wedge Capital Management L L P NC’s holdings in Columbia Banking System were worth $6,524,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Keybank National Association OH grew its stake in Columbia Banking System by 44.5% during the 2nd quarter. Keybank National Association OH now owns 38,519 shares of the financial services provider’s stock worth $1,394,000 after buying an additional 11,871 shares during the last quarter. Public Employees Retirement Association of Colorado grew its stake in Columbia Banking System by 12.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 647,923 shares of the financial services provider’s stock worth $23,442,000 after buying an additional 69,893 shares during the last quarter. Aperio Group LLC grew its stake in Columbia Banking System by 7.2% during the 2nd quarter. Aperio Group LLC now owns 22,695 shares of the financial services provider’s stock worth $821,000 after buying an additional 1,520 shares during the last quarter. First Trust Advisors LP grew its stake in Columbia Banking System by 13.4% during the 2nd quarter. First Trust Advisors LP now owns 100,356 shares of the financial services provider’s stock worth $3,631,000 after buying an additional 11,843 shares during the last quarter. Finally, Fisher Asset Management LLC grew its stake in Columbia Banking System by 20.2% during the 2nd quarter. Fisher Asset Management LLC now owns 65,866 shares of the financial services provider’s stock worth $2,383,000 after buying an additional 11,087 shares during the last quarter. 90.98% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on COLB shares. Royal Bank of Canada set a $38.00 target price on Columbia Banking System and gave the stock a “hold” rating in a research note on Friday, July 26th. Zacks Investment Research upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. ValuEngine upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, BidaskClub downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Friday, May 24th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $41.71.
Columbia Banking System stock traded up $0.84 during trading hours on Friday, hitting $34.52. 3,765 shares of the stock traded hands, compared to its average volume of 247,539. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.86 and a quick ratio of 0.86. The firm’s 50 day moving average price is $35.86 and its 200-day moving average price is $35.66. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.94 and a beta of 1.07. Columbia Banking System Inc has a 1 year low of $30.65 and a 1 year high of $43.60.
Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.08. The business had revenue of $150.76 million for the quarter, compared to the consensus estimate of $147.22 million. Columbia Banking System had a return on equity of 9.20% and a net margin of 30.92%. During the same quarter in the previous year, the business earned $0.57 EPS. Research analysts forecast that Columbia Banking System Inc will post 2.55 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $1.12 annualized dividend and a yield of 3.24%. Columbia Banking System’s payout ratio is presently 45.34%.
In other Columbia Banking System news, EVP Andy Mcdonald sold 3,481 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $35.06, for a total transaction of $122,043.86. Following the sale, the executive vice president now owns 36,264 shares in the company, valued at approximately $1,271,415.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.92% of the stock is currently owned by insiders.
Columbia Banking System 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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