New York Life Investment Management LLC grew its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 28.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,496 shares of the financial services provider’s stock after acquiring an additional 4,917 shares during the quarter. New York Life Investment Management LLC’s holdings in Columbia Banking System were worth $482,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of COLB. Lindbrook Capital LLC purchased a new position in Columbia Banking System during the first quarter worth approximately $26,000. Fifth Third Bancorp increased its holdings in shares of Columbia Banking System by 2,330.0% during the 1st quarter. Fifth Third Bancorp now owns 1,215 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,165 shares during the last quarter. Ellevest Inc. raised its position in shares of Columbia Banking System by 2,730.2% in the 1st quarter. Ellevest Inc. now owns 1,217 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,174 shares during the period. IFP Advisors Inc boosted its holdings in Columbia Banking System by 203.2% in the fourth quarter. IFP Advisors Inc now owns 473 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 317 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Columbia Banking System in the fourth quarter valued at $32,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Columbia Banking System
In related news, Director Craig D. Eerkes acquired 2,381 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were acquired at an average cost of $21.01 per share, for a total transaction of $50,024.81. Following the completion of the purchase, the director now directly owns 29,022 shares in the company, valued at $609,752.22. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by company insiders.
Columbia Banking System Price Performance
Columbia Banking System (NASDAQ:COLB – Get Free Report) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.12). Columbia Banking System had a return on equity of 10.85% and a net margin of 15.40%. The company had revenue of $524.85 million during the quarter, compared to analyst estimates of $584.70 million. During the same period in the prior year, the business earned $0.79 earnings per share. Columbia Banking System’s quarterly revenue was up 72.8% on a year-over-year basis. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 3.07 earnings per share for the current fiscal year.
Columbia Banking System Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, August 25th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 7.25%. The ex-dividend date is Thursday, August 24th. Columbia Banking System’s dividend payout ratio is currently 63.72%.
Analyst Upgrades and Downgrades
COLB has been the topic of a number of research reports. Wells Fargo & Company cut their price objective on Columbia Banking System from $29.00 to $25.00 and set an “overweight” rating on the stock in a report on Thursday, July 20th. Raymond James dropped their target price on Columbia Banking System from $28.00 to $27.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 20th. UBS Group downgraded shares of Columbia Banking System from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $21.50 to $18.50 in a research report on Monday, July 10th. JPMorgan Chase & Co. assumed coverage on shares of Columbia Banking System in a research report on Thursday, June 15th. They set a “neutral” rating on the stock. Finally, Piper Sandler lowered their price target on shares of Columbia Banking System from $32.00 to $29.00 in a report on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and a consensus price target of $25.17.
View Our Latest Report on COLB
About Columbia Banking System
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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