Prospera Financial Services Inc. Takes New Position in Columbia Banking System, Inc. (NASDAQ: COLB)

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Prospera Financial Services Inc has acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLBGet a rating) in the first quarter, according to the company in its latest 13F filing with the Securities and Exchange Commission (SEC). The company acquired 4,000 shares of the financial services provider, valued at approximately $129,000.

A number of other hedge funds and other institutional investors have also recently changed their holdings in COLB. State Street Corp increased its position in Columbia Banking System shares by 38.2% during the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider valued at $162,205,000 after acquiring an additional 1,370,893 shares during the period. Millennium Management LLC acquired a new stake in shares of Columbia Banking System during Q4, valued at approximately $35,816,000. Westwood Holdings Group Inc. increased its position in shares of Columbia Banking System by 45.8% during the fourth quarter. Westwood Holdings Group Inc. now owns 2,009,137 shares of the financial services provider valued at $65,739,000 after acquiring an additional 631,265 shares during the period. Boston Partners acquired a new stake in shares of Columbia Banking System during the 4th quarter valued at approximately $17,362,000. Finally, Thrivent Financial for Lutherans increased its position in Columbia Banking System shares by 36.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,810,456 shares of the financial services provider valued at $59,238,000 after acquiring an additional 480,745 shares during the period. 94.44% of the shares are currently held by institutional investors and hedge funds.

Insider activity

Separately, director Craig D. Eerkes acquired 1,694 shares in a transaction dated Friday, June 10. The stock was purchased at an average cost of $28.52 per share, with a total value of $48,312.88. Following the purchase, the director now directly owns 20,227 shares of the company, valued at $576,874.04. The transaction was disclosed in an SEC filing, which is available via this link. Insiders bought 2,713 shares of the company valued at $74,593 in the past ninety days. Insiders of the company hold 0.62% of the shares of the company.

Wall Street analysts predict growth

A number of research analysts have weighed in on the stock recently. Raymond James lowered 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 research note. Royal Bank of Canada raised its price target on Columbia Banking System shares from $35.00 to $36.00 and gave the stock an ‘sector performance’ rating in a Friday research note April 22. Finally, Piper Sandler lowered her price target on Columbia Banking System shares from $35.00 to $31.00 in a Monday, May 2 research note. Four investment analysts gave the stock a hold rating and two gave the company a buy rating. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.80.

Columbia Banking System Stock Performance

COLB Stock opened at $30.15 on Friday. The stock has a market capitalization of $2.37 billion, a P/E ratio of 10.85 and a beta of 0.67. Columbia Banking System, Inc. has a one-year low of $26.97 and a one-year high of $40.78. The company has a 50-day moving average price of $29.29 and a two-hundred-day moving average price of $31.52.

Colombian banking system (NASDAQ:COLBGet a rating) last reported results on Thursday, July 21. The financial services provider reported 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 quarter a year earlier, the company earned earnings per share of $0.77. Research analysts expect Columbia Banking System, Inc. to post earnings per share of 2.72 for the current fiscal 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 per share. The ex-dividend date is Tuesday, August 2. This represents an annualized dividend of $1.20 and a dividend yield of 3.98%. Columbia Banking System’s dividend payout ratio is currently 43.17%.

Columbia Banking System Company Profile

(Get a rating)

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.

Further reading

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



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