ExodusPoint Capital Management LP Purchases Shares of 58,900 Columbia Banking System, Inc. (NASDAQ:COLB)

Posted by on Sep 4th, 2023

ExodusPoint Capital Management LP purchased a new stake in Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 58,900 shares of the financial services provider’s stock, valued at approximately $1,262,000. ExodusPoint Capital Management LP owned 0.07% of Columbia Banking System at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Lindbrook Capital LLC bought a new stake in Columbia Banking System in the first quarter valued at $26,000. Fifth Third Bancorp grew its holdings in shares of Columbia Banking System by 2,330.0% during the first quarter. Fifth Third Bancorp now owns 1,215 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,165 shares during the last quarter. Ellevest Inc. grew its holdings in shares of Columbia Banking System by 2,730.2% during the first quarter. Ellevest Inc. now owns 1,217 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,174 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Columbia Banking System by 203.2% during the fourth quarter. IFP Advisors Inc now owns 473 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 317 shares during the last quarter. Finally, Column Capital Advisors LLC bought a new stake in shares of Columbia Banking System during the first quarter worth $30,000. 89.82% of the stock is currently owned by institutional investors.

Columbia Banking System Stock Up 3.3 %

Shares of COLB stock opened at $21.15 on Monday. Columbia Banking System, Inc. has a 12 month low of $17.54 and a 12 month high of $35.53. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of 9.36 and a beta of 0.67. The stock has a 50-day moving average price of $21.08 and a 200 day moving average price of $22.19.

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 (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $584.70 million. During the same quarter last year, the business posted $0.79 EPS. Columbia Banking System’s quarterly revenue was up 72.8% on a year-over-year basis. Sell-side analysts predict that Columbia Banking System, Inc. will post 3.07 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 25th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 6.81%. The ex-dividend date of this dividend is Thursday, August 24th. Columbia Banking System’s dividend payout ratio (DPR) is currently 63.72%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on Columbia Banking System in a report on Thursday, June 15th. They set a “neutral” rating on the stock. 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 report on Thursday, July 20th. Truist Financial decreased their target price on Columbia Banking System from $23.00 to $22.00 in a report on Thursday, June 29th. Stephens decreased their target price on Columbia Banking System from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, July 20th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 price target on shares of Columbia Banking System in a report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average price target of $25.17.

Read Our Latest Research Report on Columbia Banking System

Columbia Banking System Profile

(Free Report)

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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Institutional Ownership by Quarter for Columbia Banking System (NASDAQ:COLB)

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