Renaissance Technologies LLC bought a new position in Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 141,398 shares of the financial services provider’s stock, valued at approximately $3,879,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Gabelli Funds LLC raised its stake in shares of Columbia Banking System by 7.6% during the first quarter. Gabelli Funds LLC now owns 287,406 shares of the financial services provider’s stock worth $7,884,000 after acquiring an additional 20,409 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Columbia Banking System in the 1st quarter valued at $2,081,000. Systematic Financial Management LP boosted its stake in shares of Columbia Banking System by 4.0% in the 1st quarter. Systematic Financial Management LP now owns 1,341,275 shares of the financial services provider’s stock valued at $36,791,000 after purchasing an additional 51,814 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Columbia Banking System by 13.0% during the 1st quarter. Sei Investments Co. now owns 717,785 shares of the financial services provider’s stock valued at $19,689,000 after purchasing an additional 82,379 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in Columbia Banking System in the 1st quarter worth $560,000. 92.53% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Columbia Banking System
In related news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.57% of the company’s stock.
Columbia Banking System Stock Up 0.7%
Columbia Banking System (NASDAQ:COLB – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The business had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter in the prior year, the company posted $0.76 EPS. Equities research analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.
Columbia Banking System Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s dividend payout ratio is 58.96%.
Analyst Upgrades and Downgrades
COLB has been the subject of several recent research reports. Royal Bank Of Canada boosted their price target on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Piper Sandler raised their price objective on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Weiss Ratings upgraded Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Stephens boosted their target price on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Finally, Barclays dropped their target price on Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $33.19.
Get Our Latest Stock Analysis on COLB
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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