IndexIQ Advisors LLC makes new $387,000 investment in Columbia Banking System, Inc. (NASDAQ:COLB)

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IndexIQ Advisors LLC bought a new position in Columbia Banking System, Inc. (NASDAQ:COLBGet an assessment) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 11,994 shares of the financial services provider, valued at around $387,000.

A number of other institutional investors and hedge funds also bought and sold shares of COLB. Earnest Partners LLC acquired a new position in Columbia Banking System in Q4 worth approximately $27,000. Covestor Ltd acquired a new position in Columbia Banking System in Q4 worth approximately $28,000. Pinebridge Investments LP acquired a new position in Columbia Banking System in Q4 worth approximately $69,000. FourThought Financial LLC increased its stake in shares of Columbia Banking System by 29.6% in the first quarter. FourThought Financial LLC now owns 3,671 shares of the financial services provider valued at $118,000 after purchasing an additional 839 shares during the period. Finally, Prospera Financial Services Inc acquired a new stake in shares of Columbia Banking System in the first quarter worth approximately $129,000. Institutional investors and hedge funds hold 94.44% of the company’s shares.

Columbia Banking System Price Performance

NASDAQ COLB opened at $31.02 on Thursday. The company has a 50-day simple moving average of $29.33 and a 200-day simple moving average of $31.40. Columbia Banking System, Inc. has a one-year low of $26.97 and a one-year high of $40.78. The stock has a market capitalization of $2.44 billion, a P/E ratio of 11.16 and a beta of 0.67.

Colombian banking system (NASDAQ:COLBGet an assessment) last announced its quarterly results 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%. In the same period a year earlier, the company posted earnings of $0.77 per share. Stock analysts expect Columbia Banking System, Inc. to post earnings per share of 2.71 for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced 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 a dividend of $1.20 on an annualized basis and a yield of 3.87%. The ex-dividend date is Tuesday, August 2. Columbia Banking System’s dividend payout ratio is currently 43.17%.

Insiders place their bets

Separately, director Craig D. Eerkes purchased 1,694 shares of Columbia Banking System in a trade dated Friday, June 10. The stock was purchased at an average price 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Insiders bought 2,713 shares of the company valued at $74,593 in the past ninety days. 0.62% of the shares are currently held by insiders.

Wall Street analysts predict growth

Several equity research analysts have weighed in on the company recently. Piper Sandler reduced her price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research note. Royal Bank of Canada raised its price target on Columbia Banking System from $35.00 to $36.00 and gave the company an “industry performance” rating in a Friday, April 22 research note. Finally, Raymond James cut his 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 research note. Four investment analysts gave the stock a hold rating and two gave the company a buy rating. According to data from MarketBeat.com, Columbia Banking System has an average rating of “Hold” and a consensus price target of $34.80.

Columbia Banking System Company Profile

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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.

See also

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Institutional ownership by quarter for Columbia Banking System (NASDAQ:COLB)



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