American Century Companies Inc. boosted its stake in Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 188.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,001,237 shares of the financial services provider’s stock after acquiring an additional 654,235 shares during the quarter. American Century Companies Inc. owned about 1.27% of Columbia Banking System worth $21,446,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lindbrook Capital LLC purchased a new position in shares of Columbia Banking System during the 1st quarter valued at approximately $26,000. Fifth Third Bancorp raised its position 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 valued at $26,000 after acquiring an additional 1,165 shares in the last quarter. Ellevest Inc. raised its position in shares of Columbia Banking System by 2,730.2% during the 1st quarter. Ellevest Inc. now owns 1,217 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,174 shares in the last quarter. IFP Advisors Inc raised its position in shares of Columbia Banking System by 203.2% during the 4th 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 in the last quarter. Finally, Column Capital Advisors LLC acquired a new stake in shares of Columbia Banking System during the 1st quarter valued at approximately $30,000. Hedge funds and other institutional investors own 89.82% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts recently issued reports on COLB shares. Truist Financial dropped their price target on Columbia Banking System from $23.00 to $22.00 in a research report on Thursday, June 29th. StockNews.com began coverage on Columbia Banking System in a research report on Thursday, August 17th. They set a “sell” rating on the stock. 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 research report on Thursday, July 20th. Wells Fargo & Company dropped their target price on Columbia Banking System from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, July 20th. Finally, Piper Sandler dropped their target price on Columbia Banking System from $32.00 to $29.00 in a research report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.17.
Columbia Banking System Stock Performance
NASDAQ:COLB opened at $20.54 on Thursday. Columbia Banking System, Inc. has a 1 year low of $17.54 and a 1 year high of $35.53. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 9.09 and a beta of 0.67. The business has a fifty day moving average of $21.08 and a 200-day moving average of $22.34.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last released its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) 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 business had revenue of $524.85 million during the quarter, compared to the consensus estimate of $584.70 million. During the same period in the previous year, the company posted $0.79 EPS. The company’s revenue for the quarter was up 72.8% compared to the same quarter last year. On average, equities research analysts predict that Columbia Banking System, Inc. will post 3.07 EPS for the current year.
Columbia Banking System Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, August 25th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, August 24th. This represents a $1.44 annualized dividend and a yield of 7.01%. Columbia Banking System’s dividend payout ratio is currently 63.72%.
Columbia Banking System Company 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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