William Blair Investment Management LLC lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 98.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 12,232 shares of the financial services provider’s stock after selling 991,404 shares during the period. William Blair Investment Management LLC’s holdings in Columbia Banking System were worth $342,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of COLB. Geneos Wealth Management Inc. lifted its position in shares of Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after buying an additional 794 shares in the last quarter. Horizon Investments LLC increased its holdings in Columbia Banking System by 168.8% in the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 773 shares in the last quarter. Torren Management LLC purchased a new stake in Columbia Banking System in the 4th quarter worth approximately $49,000. Ameriflex Group Inc. bought a new stake in Columbia Banking System during the 3rd quarter worth approximately $63,000. Finally, Triumph Capital Management bought a new stake in Columbia Banking System during the 3rd quarter worth approximately $67,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on COLB. Piper Sandler upped their price target on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. UBS Group initiated coverage on shares of Columbia Banking System in a research note on Tuesday, April 7th. They set a “neutral” rating and a $30.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Finally, Wall Street Zen cut Columbia Banking System from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $32.13.
Columbia Banking System Price Performance
Columbia Banking System stock opened at $30.07 on Wednesday. Columbia Banking System, Inc. has a 1 year low of $21.91 and a 1 year high of $32.70. The firm’s 50 day moving average price is $28.60 and its 200-day moving average price is $28.72. The stock has a market cap of $8.70 billion, a P/E ratio of 11.98 and a beta of 0.63.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. The firm had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. Columbia Banking System’s revenue for the quarter was up 37.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.67 earnings per share. As a group, equities analysts expect that Columbia Banking System, Inc. will post 3.08 EPS for the current year.
Columbia Banking System Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, May 29th. Columbia Banking System’s dividend payout ratio is 58.96%.
Insider Buying and Selling at Columbia Banking System
In other news, VP Torran B. Nixon sold 2,241 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the transaction, the vice president owned 100,469 shares in the company, valued at $2,838,249.25. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 5,629 shares of company stock worth $158,044 in the last ninety days. Company insiders own 0.57% of the company’s stock.
Columbia Banking System Company Profile
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.
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