Mutual of America Capital Management LLC lifted its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 914.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 167,261 shares of the financial services provider’s stock after purchasing an additional 150,779 shares during the quarter. Mutual of America Capital Management LLC owned about 0.21% of Columbia Banking System worth $3,583,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of COLB. Fisher Asset Management LLC grew its holdings in shares of Columbia Banking System by 5,437.4% during the 1st quarter. Fisher Asset Management LLC now owns 1,769,799 shares of the financial services provider’s stock worth $37,909,000 after purchasing an additional 1,737,838 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in shares of Columbia Banking System by 292.1% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 1,700,969 shares of the financial services provider’s stock worth $51,250,000 after purchasing an additional 1,267,169 shares during the period. Lord Abbett & CO. LLC purchased a new position in shares of Columbia Banking System during the 4th quarter worth $33,148,000. Leeward Investments LLC MA purchased a new position in shares of Columbia Banking System during the 1st quarter worth $21,769,000. Finally, State Street Corp grew its holdings in shares of Columbia Banking System by 17.2% during the 1st quarter. State Street Corp now owns 5,810,585 shares of the financial services provider’s stock worth $187,508,000 after purchasing an additional 853,211 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities analysts recently issued reports on COLB shares. StockNews.com raised Columbia Banking System to a “sell” rating in a research note on Friday, July 21st. Wells Fargo & Company decreased their target price on Columbia Banking System from $29.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, July 20th. UBS Group lowered Columbia Banking System from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $21.50 to $18.50 in a research note on Monday, July 10th. Raymond James decreased their target price on Columbia Banking System from $28.00 to $27.00 and set a “strong-buy” rating on the stock in a research note on Thursday, July 20th. Finally, JPMorgan Chase & Co. started coverage on Columbia Banking System in a research note on Thursday, June 15th. They set a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.17.
Columbia Banking System Price Performance
Columbia Banking System (NASDAQ:COLB – Get Free Report) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.12). Columbia Banking System had a net margin of 15.40% and a return on equity of 10.85%. The business had revenue of $524.85 million during the quarter, compared to analysts’ expectations of $584.70 million. During the same quarter in the previous year, the company posted $0.79 EPS. The company’s revenue was up 72.8% compared to the same quarter last year. On average, analysts expect that Columbia Banking System, Inc. will post 3.07 EPS for the current year.
Columbia Banking System Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st were issued a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.46%. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.30. Columbia Banking System’s dividend payout ratio is presently 63.72%.
Insider Activity
In other Columbia Banking System news, Director Craig D. Eerkes acquired 2,381 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were acquired at an average price of $21.01 per share, for a total transaction of $50,024.81. Following the acquisition, the director now owns 29,022 shares in the company, valued at approximately $609,752.22. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.
Columbia Banking System Profile
Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides commercial and retail banking services. The company offers deposit products, including interest-bearing checking, savings, money market, and certificate of deposit accounts. It also provides home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; and agricultural loans, asset-based loans, builder and other commercial real estate loans, and loans guaranteed by the SBA, as well as offer a suite of business edge loans designed for small businesses to expand, purchase equipment, or in need of working capital.
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