D.A. Davidson & CO. Acquires 45,205 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

D.A. Davidson & CO. grew its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 34.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 176,953 shares of the financial services provider’s stock after acquiring an additional 45,205 shares during the quarter. D.A. Davidson & CO. owned 0.08% of Columbia Banking System worth $4,721,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in COLB. Norges Bank bought a new position in Columbia Banking System in the fourth quarter valued at about $63,152,000. Trillium Asset Management LLC grew its holdings in Columbia Banking System by 6.7% during the 4th quarter. Trillium Asset Management LLC now owns 174,794 shares of the financial services provider’s stock worth $4,664,000 after acquiring an additional 11,033 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Columbia Banking System by 17.8% during the 4th quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 595 shares during the last quarter. ARGA Investment Management LP acquired a new position in Columbia Banking System in the 4th quarter valued at approximately $2,025,000. Finally, QRG Capital Management Inc. bought a new position in shares of Columbia Banking System during the fourth quarter valued at $237,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on COLB shares. Stephens lowered shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $31.00 to $24.00 in a report on Thursday, January 25th. Royal Bank of Canada decreased their target price on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 9th. Piper Sandler dropped their target price on shares of Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. DA Davidson decreased their price target on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Finally, UBS Group decreased their target price on Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating for the company in a research report on Friday, January 26th. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $22.19.

Columbia Banking System Trading Down 2.2 %

Shares of COLB opened at $19.67 on Thursday. The firm has a market capitalization of $4.12 billion, a P/E ratio of 8.44 and a beta of 0.69. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $28.11. The firm has a fifty day moving average price of $19.02 and a 200-day moving average price of $21.19.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The company had revenue of $473.72 million during the quarter, compared to analysts’ expectations of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. Columbia Banking System’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. Analysts predict that Columbia Banking System, Inc. will post 2.44 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 24th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $1.44 annualized dividend and a yield of 7.32%. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.