Victory Capital Management Inc. removed its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get a rating) by 23.5% during the first quarter, according to the company in its latest filing with the SEC. The institutional investor held 413,663 shares of the financial services provider after purchasing an additional 78,788 shares during the quarter. Victory Capital Management Inc. owned approximately 0.53% of Columbia Banking System worth $12,005,000 at the end of the last quarter.
A number of other large investors have also recently changed their holdings in the company. Envestnet Asset Management Inc. increased its stake in shares of Columbia Banking System by 14.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 84,082 shares of the financial services provider valued at $2,713,000 after buying an additional 10,373 shares last quarter. Mutual of America Capital Management LLC increased its stake in Columbia Banking System by 5.5% in the 1st quarter. Mutual of America Capital Management LLC now owns 11,201 shares of the financial services provider worth $361,000 after buying 580 additional shares last quarter. FourThought Financial LLC increased its stake in Columbia Banking System by 29.6% in the 1st quarter. FourThought Financial LLC now owns 3,671 shares of the financial services provider worth $118,000 after buying 839 additional shares in the last quarter. Encompass Wealth Advisors LLC increased its stake in Columbia Banking System by 28.4% in Q1. Encompass Wealth Advisors LLC now owns 9,010 shares of the financial services provider worth $291,000 after buying 1,991 additional shares in the last quarter. Finally, Boston Trust Walden Corp increased its stake in Columbia Banking System by 4.0% in the 1st quarter. Boston Trust Walden Corp now owns 603,066 shares of the financial services provider worth $19,461,000 after buying an additional 23,363 shares last quarter. Hedge funds and other institutional investors hold 94.44% of the company’s shares.
Columbia Banking System trades up 2.1%
Shares of NASDAQ:COLB opened at $30.15 on Friday. The company has a market capitalization of $2.37 billion, a price-earnings ratio of 10.85 and a beta of 0.67. Columbia Banking System, Inc. has a 12 month minimum of $26.97 and a 12 month maximum of $40.78. The company’s 50-day moving average is $29.29 and its 200-day moving average is $31.49.
Colombian banking system (NASDAQ:COLB – Get a rating) last released its quarterly 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 net margin of 31.28% and a return on equity of 9.68%. In the same quarter of the previous year, the company achieved EPS of $0.77. As a group, stock analysts expect Columbia Banking System, Inc. to post EPS of 2.71 for the current fiscal year.
Columbia Banking System Dividend Announcement
The company also recently declared 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 per share. The ex-dividend date is Tuesday, August 2. This represents an annualized dividend of $1.20 and a yield of 3.98%. Columbia Banking System’s payout rate is 43.17%.
Wall Street analysts predict growth
Several analysts have commented on the title. 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. Raymond James cut his price target on Columbia Banking System stock from $38.00 to $34.00 and set an “outperform” rating on the stock in a Thursday, July 7 report. Finally, Piper Sandler cut her price target on Columbia Banking System shares from $35.00 to $31.00 in a Monday, May 2 report. Four investment analysts gave the stock a hold rating and two gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $34.80.
Insider Activity at Columbia Banking System
In other news, Director Craig D. Eerkes purchased 1,694 shares of the company in a trade that took place on Friday, June 10. The shares were purchased at an average cost of $28.52 per share, for a total transaction of $48,312.88. Following the acquisition, the director now owns 20,227 shares of the company, valued at approximately $576,874.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. In the past ninety days, insiders have purchased 2,713 shares of the company worth $74,593. Insiders own 0.62% of the shares 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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