Charles Schwab Investment Management Inc. grew its position in shares of Columbia Banking System, Inc. (NASDAQ: COLB – Get Rating) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 716,297 shares of the financial services provider’s stock after buying an additional 33,160 shares during the period. Charles Schwab Investment Management Inc. owned 0.91% of Columbia Banking System worth $ 23,438,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in Columbia Banking System by 15.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,348,653 shares of the financial services provider’s stock worth $ 109,568,000 after purchasing an additional 458,588 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Columbia Banking System by 0.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,300,423 shares of the financial services provider’s stock worth $ 87,393,000 after purchasing an additional 19,723 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Columbia Banking System by 19.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,627,370 shares of the financial services provider’s stock worth $ 61,824,000 after purchasing an additional 270,428 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Columbia Banking System by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,376,962 shares of the financial services provider’s stock worth $ 52,310,000 after purchasing an additional 118,206 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Columbia Banking System by 118.0% during the 4th quarter. Russell Investments Group Ltd. now owns 707,398 shares of the financial services provider’s stock worth $ 23,142,000 after purchasing an additional 382,888 shares in the last quarter. 94.44% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Aaron James Deer purchased 3,000 shares of Columbia Banking System stock in a transaction that occurred on Monday, May 2nd. The shares were acquired at an average cost of $ 28.00 per share, for a total transaction of $ 84,000.00. Following the transaction, the chief financial officer now directly owns 15,427 shares in the company, valued at $ 431,956. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is owned by company insiders.
Shares of Columbia Banking System stock opened at $ 30.28 on Friday. The firm has a market capitalization of $ 2.38 billion, a PE ratio of 10.81 and a beta of 0.68. The business’s 50-day moving average price is $ 30.05 and its 200-day moving average price is $ 32.93. Columbia Banking System, Inc. has a 12 month low of $ 27.61 and a 12 month high of $ 43.60.
Columbia Banking System (NASDAQ: COLB – Get Rating) last announced its quarterly earnings data on Thursday, April 21st. The financial services provider reported $ 0.81 EPS for the quarter, beating the consensus estimate of $ 0.66 by $ 0.15. The firm had revenue of $ 170.38 million for the quarter, compared to analyst estimates of $ 166.09 million. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. The company revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the company earned $ 0.73 EPS. On average, analysts expect that Columbia Banking System, Inc. will post 2.61 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 18th. Investors of record on Wednesday, May 4th were given a dividend of $ 0.30 per share. The ex-dividend date of this dividend was Tuesday, May 3rd. This represents a $ 1.20 annualized dividend and a yield of 3.96%. Columbia Banking System’s payout ratio is 42.86%.
COLB has been the topic of several recent analyst reports. StockNews.com initiated coverage on Columbia Banking System in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Piper Sandler lowered their price target on Columbia Banking System from $ 35.00 to $ 31.00 in a report on Monday, May 2nd. Keefe, Bruyette & Woods initiated coverage on Columbia Banking System in a report on Friday, February 11th. They issued a “market perform” rating on the stock. Royal Bank of Canada raised their price target on Columbia Banking System from $ 35.00 to $ 36.00 and gave the company a “sector perform” rating in a report on Friday, April 22nd. Finally, Raymond James lowered their price target on Columbia Banking System from $ 40.00 to $ 38.00 and set an “outperform” rating on the stock in a report on Friday, April 22nd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $ 36.00.
About Columbia Banking System: (Get Rating)
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that 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 noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.
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