Texas Permanent School Fund reduced its holdings in Columbia Banking System, Inc. (NASDAQ:COLB – Get a rating) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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%
Shares of NASDAQ COLB 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.
Colombian banking system (NASDAQ:COLB – Get a rating) last released its 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 filing 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
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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