Columbia Banking System, Inc. (NASDAQ:COLB – Get a rating) the stock price hit a new 52-week low in Thursday’s session. The company traded as low as $27.21 and last traded at $27.24, with trading volume of 2398 shares. The stock previously closed at $28.42.
A number of analysts have published reports on the company. Royal Bank of Canada raised its price target on Columbia Banking System from $35.00 to $36.00 and gave the stock an “industry performance” rating in a Friday, April 22 research note. StockNews.com began covering Columbia Banking System shares in a research note on Thursday, March 31. They issued a “holding” rating for the company. Piper Sandler lowered her price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research note. Finally, Raymond James cut his price target on Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating on the stock in a Friday, April 22 research note. Four analysts gave the stock a hold rating and two gave the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.60.
The stock has a 50-day moving average price of $29.61 and a 200-day moving average price of $32.66. The company has a market capitalization of $2.14 billion, a PE ratio of 10.15 and a beta of 0.68.
Colombian banking system (NASDAQ:COLB – Get a rating) last announced its results on Thursday, April 21. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, beating the consensus estimate of $0.66 by $0.15. The company posted revenue of $170.38 million for the quarter, compared to $166.09 million expected by analysts. Columbia Banking System had a net margin of 31.91% and a return on equity of 9.30%. The company’s quarterly revenue increased 15.8% year over year. In the same quarter a year earlier, the company posted EPS of $0.73. Analysts expect Columbia Banking System, Inc. to post EPS of 2.61 for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 18. Investors of record on Wednesday, May 4 received a dividend of $0.30. The ex-dividend date was Tuesday, May 3. This represents an annualized dividend of $1.20 and a dividend yield of 4.40%. Columbia Banking System’s dividend payout ratio is currently 42.86%.
In other news, CFO Aaron James Cerf purchased 3,000 shares of the company in a trade dated Monday, May 2. The shares were acquired at an average price of $28.00 per share, with a total value of $84,000.00. Following the purchase, the CFO now directly owns 15,427 shares of the company, valued at approximately $431,956. The acquisition was disclosed in an SEC filing, available at this link. Additionally, director Craig D. Eerkes purchased 1,694 shares of the company in a transaction dated Friday, June 10. The shares were purchased at an average price of $28.52 per share, with a total value of $48,312.88. Following the acquisition, the director now directly owns 20,227 shares of the company, valued at $576,874.04. Disclosure of this purchase can be found here. Insiders of the company hold 0.62% of the shares of the company.
Institutional investors and hedge funds have recently changed their positions in the company. Bank of New York Mellon Corp increased its position in Columbia Banking System shares by 19.9% during the third quarter. Bank of New York Mellon Corp now owns 1,627,370 shares of the financial services provider worth $61,824,000 after purchasing an additional 270,428 shares during the period. Charles Schwab Investment Management Inc. increased its position in Columbia Banking System shares by 4.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 716,297 shares of the financial services provider worth $23,438,000 after purchasing an additional 33,160 shares during the period. Ironwood Investment Management LLC increased its stake in shares of Columbia Banking System by 29.0% in the fourth quarter. Ironwood Investment Management LLC now owns 43,518 shares of the financial services provider valued at $1,424,000 after buying an additional 9,771 shares last quarter. Sittner & Nelson LLC increased its holdings of Columbia Banking System stock by 656.1% in the fourth quarter. Sittner & Nelson LLC now owns 15,122 shares of the financial services provider valued at $495,000 after purchasing an additional 13,122 shares during the period. Finally, Moors & Cabot Inc. acquired a new position in Columbia Banking System during Q3 worth approximately $329,000. Institutional investors and hedge funds hold 94.44% of the company’s shares.
Columbia Banking System Company Profile (NASDAQ:COLB)
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 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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