Nuveen Asset Management LLC Purchases 108,714 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Posted by Defense World Staff on Mar 2nd, 2023

Nuveen Asset Management LLC boosted its position in Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 12.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 964,675 shares of the financial services provider’s stock after purchasing an additional 108,714 shares during the period. Nuveen Asset Management LLC owned about 1.23% of Columbia Banking System worth $27,870,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in COLB. CWM LLC grew its position in shares of Columbia Banking System by 63.5% during the 3rd quarter. CWM LLC now owns 1,390 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 540 shares during the period. Louisiana State Employees Retirement System purchased a new stake in Columbia Banking System in the third quarter worth about $1,086,000. Maryland State Retirement & Pension System raised its stake in shares of Columbia Banking System by 1.9% in the third quarter. Maryland State Retirement & Pension System now owns 32,133 shares of the financial services provider’s stock worth $928,000 after buying an additional 586 shares during the period. Optiver Holding B.V. purchased a new position in shares of Columbia Banking System during the 2nd quarter valued at about $347,000. Finally, Jupiter Asset Management Ltd. grew its stake in shares of Columbia Banking System by 256.4% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 718,012 shares of the financial services provider’s stock valued at $20,744,000 after acquiring an additional 516,524 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wells Fargo & Company initiated coverage on shares of Columbia Banking System in a research note on Tuesday. They set an “overweight” rating and a $37.00 target price on the stock. Royal Bank of Canada reduced their price objective on shares of Columbia Banking System from $37.00 to $33.00 in a research note on Wednesday, January 25th. Finally, Stephens lifted their target price on shares of Columbia Banking System from $33.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, February 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and an average price target of $34.00.

Columbia Banking System Trading Up 0.7 %

Shares of COLB opened at $29.95 on Thursday. The firm has a market cap of $2.36 billion, a P/E ratio of 9.36 and a beta of 0.71. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.71 and a quick ratio of 0.70. Columbia Banking System, Inc. has a 1 year low of $26.97 and a 1 year high of $36.68. The company has a 50 day simple moving average of $30.27 and a two-hundred day simple moving average of $31.01.

Columbia Banking System (NASDAQ:COLB – Get Rating) last posted its earnings results on Tuesday, January 24th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $203.47 million during the quarter, compared to analysts’ expectations of $197.70 million. Columbia Banking System had a net margin of 33.55% and a return on equity of 11.87%. During the same period last year, the company posted $0.55 earnings per share. On average, equities analysts expect that Columbia Banking System, Inc. will post 3.35 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 21st. Stockholders of record on Monday, February 6th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, February 3rd. This represents a $1.20 annualized dividend and a dividend yield of 4.01%. Columbia Banking System’s dividend payout ratio (DPR) is 37.50%.

About Columbia Banking System

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Columbia Banking System, Inc is a bank holding company, which engages in the provision of financial services. It specializes in personal, business, and wealth management. It offers checking and savings accounts, debit and credit cards, digital banking, personal loans, home loans, foreign currency, professional banking, treasury management, merchant card services, international banking, financial services, private banking, and trust and investment services.