Colombia Banking System (NASDAQ:COLB – Get a rating) released its results on Thursday. The financial services provider reported earnings per share of $0.75 for the quarter, missing analyst consensus estimates of $0.77 per ($0.02), Loyalty Earnings reports. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. In the same quarter last year, the company achieved EPS of $0.77.
Columbia Banking System Price Performance
COLB stock opened at $29.94 on Friday. Columbia Banking System has a 1-year minimum of $26.97 and a 1-year maximum of $40.78. The company has a market capitalization of $2.35 billion, a PE ratio of 10.69 and a beta of 0.67. The company has a 50-day simple moving average of $29.12 and a 200-day simple moving average of $31.98.
Columbia Banking System Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 received a dividend of $0.30 per share. The ex-dividend date was Tuesday, May 3. This represents an annualized dividend of $1.20 and a yield of 4.01%. Columbia Banking System’s dividend payout ratio (DPR) is currently 42.86%.
A Wall Street analyst gives his opinion
Several research companies have recently published reports on COLB. Piper Sandler lowered her price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research note. Raymond James lowered its price target on Columbia Banking System from $38.00 to $34.00 and set an “outperform” rating for the company in a Thursday, July 7 report. StockNews.com assumed coverage on Columbia Banking System in a Thursday, March 31, research report. They set a “hold” rating for the company. Finally, Royal Bank of Canada raised its target price on Columbia Banking System from $35.00 to $36.00 and gave the stock an “sector performance” rating in a Friday, April 22 research report. . Four analysts gave the stock a hold rating and two gave the stock a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $34.80.
Insider Activity at Columbia Banking System
In related news, Director Craig D. Eerkes acquired 1,694 shares of Columbia Banking System in a trade dated Friday, June 10. The shares were acquired at an average cost of $28.52 per share, for a total transaction of $48,312.88. Following the completion of the purchase, the administrator now owns 20,227 shares of the company, valued at $576,874.04. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. In other news, CFO Aaron James Cerf bought 3,000 shares in a trade on Monday, May 2. The shares were purchased at an average cost of $28.00 per share, with a total value of $84,000.00. Following the purchase, the CFO now owns 15,427 shares of the company, valued at $431,956. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Additionally, director Craig D. Eerkes purchased 1,694 shares of Columbia Banking System in a trade that took place on Friday, June 10. The shares were acquired at an average price of $28.52 per share, for a total transaction of $48,312.88. Following the acquisition, the administrator now directly owns 20,227 shares of the company, valued at approximately $576,874.04. Disclosure of this purchase can be found here. Over the past three months, insiders have purchased 5,713 shares of the company worth $158,593. Insiders own 0.62% of the shares of the company.
Hedge funds weigh on Columbia’s banking system
Hedge funds and other institutional investors have recently changed their positions in the company. BlackRock Inc. increased its stake in Columbia Banking System by 1.0% in the 1st quarter. BlackRock Inc. now owns 11,571,436 shares of the financial services provider worth $373,410,000 after purchasing an additional 115,087 shares last quarter. Vanguard Group Inc. increased its stake in Columbia Banking System by 2.0% in Q1. Vanguard Group Inc. now owns 9,088,462 shares of the financial services provider worth $293,285,000 after buying an additional 180,175 shares last quarter. State Street Corp increased its stake in Columbia Banking System by 17.2% in the first quarter. State Street Corp now owns 5,810,585 shares of the financial services provider worth $187,508,000 after buying an additional 853,211 shares last quarter. Invesco Ltd. increased its stake in Columbia Banking System by 70.2% in the 1st quarter. Invesco Ltd. now owns 1,110,106 shares of the financial services provider worth $35,822,000 after purchasing an additional 457,912 shares last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Columbia Banking System by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,891 shares of the financial services provider worth $24,393,000 after buying an additional 39,594 shares last quarter. Institutional investors and hedge funds hold 94.44% of the company’s shares.
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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