Columbia Banking System, Inc. (NASDAQ:COLB) Shares Acquired by First Trust Advisors LP

Posted by Defense World Staff on May 26th, 2023

First Trust Advisors LP increased its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 14.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 251,498 shares of the financial services provider’s stock after purchasing an additional 31,350 shares during the quarter. First Trust Advisors LP owned 0.32% of Columbia Banking System worth $7,576,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in COLB. Raymond James Financial Services Advisors Inc. acquired a new position in Columbia Banking System during the first quarter worth about $484,000. PNC Financial Services Group Inc. increased its position in Columbia Banking System by 26.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,310 shares of the financial services provider’s stock worth $171,000 after buying an additional 1,120 shares during the period. Bank of Montreal Can raised its stake in shares of Columbia Banking System by 2.7% in the first quarter. Bank of Montreal Can now owns 23,253 shares of the financial services provider’s stock valued at $790,000 after purchasing an additional 620 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Columbia Banking System by 56.3% during the first quarter. MetLife Investment Management LLC now owns 42,283 shares of the financial services provider’s stock worth $1,364,000 after purchasing an additional 15,237 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Columbia Banking System by 3.4% during the first quarter. Rhumbline Advisers now owns 232,909 shares of the financial services provider’s stock valued at $7,516,000 after purchasing an additional 7,638 shares in the last quarter.

Columbia Banking System Price Performance

COLB opened at $20.86 on Friday. The business has a 50 day simple moving average of $20.86 and a two-hundred day simple moving average of $27.14. The firm has a market capitalization of $4.35 billion, a price-to-earnings ratio of 8.80 and a beta of 0.67. Columbia Banking System, Inc. has a one year low of $17.54 and a one year high of $35.53.

Columbia Banking System (NASDAQ:COLB – Get Rating) last announced its earnings results on Wednesday, April 26th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.06. Columbia Banking System had a return on equity of 9.55% and a net margin of 16.18%. The firm had revenue of $429.43 million during the quarter, compared to analyst estimates of $441.99 million. During the same quarter in the prior year, the company earned $0.81 EPS. The business’s revenue was up 39.1% compared to the same quarter last year. As a group, sell-side analysts expect that Columbia Banking System, Inc. will post 3.57 EPS for the current fiscal year.

Columbia Banking System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be paid a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $1.44 annualized dividend and a dividend yield of 6.90%. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.30. Columbia Banking System’s dividend payout ratio is presently 60.76%.

Analyst Ratings Changes

Several research firms have issued reports on COLB. Stephens reduced their price objective on Columbia Banking System from $34.00 to $30.00 in a report on Monday, May 1st. StockNews.com assumed coverage on Columbia Banking System in a report on Thursday, May 18th. They set a “sell” rating for the company. UBS Group initiated coverage on shares of Columbia Banking System in a research report on Wednesday, March 15th. They issued a “neutral” rating and a $23.00 price target for the company. Truist Financial decreased their price objective on shares of Columbia Banking System from $24.00 to $23.00 in a research note on Monday, May 1st. Finally, Piper Sandler decreased their target price on shares of Columbia Banking System from $32.00 to $29.00 in a research note on Wednesday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and an average target price of $28.44.

Insider Buying and Selling

In related news, Director Craig D. Eerkes purchased 2,381 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were bought at an average price of $21.01 per share, for a total transaction of $50,024.81. Following the purchase, the director now directly owns 29,022 shares of the company’s stock, valued at approximately $609,752.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Columbia Banking System Profile

(Get Rating)

Columbia Banking System, Inc is a bank holding company, which engages in the provision of financial services. It offers its services to small and medium-sized businesses, professionals, and individuals. It operates through the Washington, Oregon, Idaho, and California geographical segments. The company was founded in 1993 and is headquartered in Tacoma, WA.