Royal Bank of Canada grew its stake in Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 1.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 384,188 shares of the financial services provider’s stock after purchasing an additional 4,114 shares during the period. Royal Bank of Canada owned approximately 0.49% of Columbia Banking System worth $11,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. CWM LLC grew its position in shares of Columbia Banking System by 63.5% in the third quarter. CWM LLC now owns 1,390 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 540 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of Columbia Banking System in the third quarter valued at approximately $1,086,000. Maryland State Retirement & Pension System grew its position in 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 acquiring an additional 586 shares during the period. Optiver Holding B.V. purchased a new position in Columbia Banking System in the second quarter worth approximately $347,000. Finally, Jupiter Asset Management Ltd. grew its position in Columbia Banking System by 256.4% in the third quarter. Jupiter Asset Management Ltd. now owns 718,012 shares of the financial services provider’s stock worth $20,744,000 after acquiring an additional 516,524 shares during the period.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the company. Truist Financial assumed coverage on Columbia Banking System in a research report on Thursday, March 2nd. They issued a “hold” rating and a $33.00 price objective for the company. Wells Fargo & Company assumed coverage on Columbia Banking System in a research report on Tuesday, February 28th. They issued an “overweight” rating and a $37.00 price objective for the company. Stephens increased their price objective on Columbia Banking System from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, February 6th. Finally, Royal Bank of Canada lowered their price objective on Columbia Banking System from $37.00 to $33.00 in a research report on Wednesday, January 25th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $33.83.
Columbia Banking System Stock Up 0.3 %
Columbia Banking System (NASDAQ:COLB – Get Rating) last announced its quarterly earnings data on Tuesday, January 24th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. The business had revenue of $203.47 million for the quarter, compared to analysts’ expectations of $197.70 million. Columbia Banking System had a return on equity of 11.87% and a net margin of 33.55%. During the same period last year, the firm earned $0.55 earnings per share. Research analysts anticipate that Columbia Banking System, Inc. will post 3.44 EPS for the current year.
Columbia Banking System Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 21st. Stockholders of record on Monday, February 6th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend was Friday, February 3rd. Columbia Banking System’s payout ratio is currently 37.50%.
About Columbia Banking System
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.
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