Comerica Bank reduced its position in Columbia Banking System, Inc. (NASDAQ:COLB – Get a rating) by 0.7% in the 1st quarter, Holdings Channel.com reports. The institutional investor held 67,846 shares of the financial services provider after selling 510 shares during the quarter. Comerica Bank’s holdings in Columbia Banking System were worth $2,122,000 at the end of the last quarter.
Several other institutional investors and hedge funds have also recently changed their holdings in COLB. State Street Corp increased its holdings of Columbia Banking System stock by 38.2% in the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider valued at $162,205,000 after purchasing an additional 1,370,893 shares during the period. Millennium Management LLC purchased a new stake in shares of Columbia Banking System in Q4 valued at $35,816,000. Westwood Holdings Group Inc. increased its holdings of Columbia Banking System stock by 45.8% in the fourth quarter. Westwood Holdings Group Inc. now owns 2,009,137 shares of the financial services provider valued at $65,739,000 after purchasing an additional 631,265 shares during the period. Boston Partners bought a new equity stake in Columbia Banking System in Q4 for $17,362,000. Finally, Thrivent Financial for Lutherans increased its stake in Columbia Banking System by 36.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,810,456 shares of the financial services provider worth $59,238,000 after buying an additional 480,745 shares last quarter. Hedge funds and other institutional investors hold 94.44% of the company’s shares.
Columbia Banking System Stock Performance
NASDAQ:COLB opened at $29.33 on Friday. The stock has a 50-day simple moving average of $29.13 and a 200-day simple moving average of $31.94. The stock has a market capitalization of $2.31 billion, a P/E ratio of 10.55 and a beta of 0.67. Columbia Banking System, Inc. has a 1-year minimum of $26.97 and a 1-year maximum of $40.78.
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 (EPS) of $0.75 for the quarter, missing the consensus estimate of $0.77 per ($0.02). Columbia Banking System had a return on equity of 9.68% and a net margin of 31.28%. During the same period last year, the company achieved EPS of $0.77. On average, equity research analysts expect Columbia Banking System, Inc. to post EPS of 2.73 for the current year.
Columbia Banking System Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 17. Investors of record on Wednesday, August 3 will receive a dividend of $0.30. The ex-dividend date is Tuesday, August 2. This represents a dividend of $1.20 on an annualized basis and a dividend yield of 4.09%. Columbia Banking System’s dividend payout ratio (DPR) is currently 43.17%.
A Wall Street analyst gives his opinion
Several research analysts have recently commented on COLB’s actions. 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 note. Piper Sandler lowered her target price on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research note. StockNews.com began covering Columbia Banking System in a research note on Thursday, March 31. They set a “holding” rating for the company. Finally, Raymond James lowered his target price on Columbia Banking System from $38.00 to $34.00 and set an “outperform” rating for the company in a Thursday, July 7 research note. Four investment analysts gave the stock a hold rating and two gave the company a buy rating. According to MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and a consensus price target of $34.80.
Insider Activity at Columbia Banking System
In other news, CFO Aaron James Cerf bought 3,000 shares of the company in a transaction that took place 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 transaction, the CFO now directly owns 15,427 shares of the company, valued at $431,956. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC website. In other news, CFO Aaron James Cerf bought 3,000 shares of the company in a transaction that took place 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 transaction, the CFO now directly owns 15,427 shares of the company, valued at $431,956. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC website. Additionally, director Craig D. Eerkes purchased 1,694 shares of the company in a transaction that took place on Friday, June 10. The shares were purchased at an average cost of $28.52 per share, with a total value of $48,312.88. Following completion of the transaction, the administrator now owns 20,227 shares of the company, valued at $576,874.04. Disclosure of this purchase can be found here. Insiders have purchased a total of 5,713 shares of the company valued at $158,593 over the past three months. 0.62% of the shares are currently held by insiders of the company.
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 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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