Columbia Banking System, Inc. (NASDAQ:COLB) Stock Holdings Lifted by Abich Financial Wealth Management LLC

Abich Financial Wealth Management LLC boosted its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 85.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,219 shares of the financial services provider’s stock after buying an additional 1,020 shares during the period. Abich Financial Wealth Management LLC’s holdings in Columbia Banking System were worth $43,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Columbia Banking System during the fourth quarter valued at approximately $63,152,000. Public Employees Retirement Association of Colorado lifted its stake in shares of Columbia Banking System by 3,245.7% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after purchasing an additional 838,762 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after purchasing an additional 788,383 shares in the last quarter. Franklin Resources Inc. increased its position in Columbia Banking System by 9.9% during the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock worth $207,809,000 after buying an additional 700,643 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Columbia Banking System by 16.2% during the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after buying an additional 637,212 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Trading Down 3.6 %

NASDAQ COLB traded down $0.90 during trading hours on Friday, reaching $23.87. 2,541,769 shares of the company’s stock were exchanged, compared to its average volume of 2,620,116. The firm has a fifty day moving average of $20.73 and a 200-day moving average of $19.85. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11. The stock has a market cap of $5.00 billion, a PE ratio of 10.24 and a beta of 0.65.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company had revenue of $472.15 million during the quarter, compared to the consensus estimate of $476.01 million. During the same period in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. As a group, research analysts forecast that Columbia Banking System, Inc. will post 2.51 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 24th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 6.03%. Columbia Banking System’s payout ratio is presently 61.80%.

Analyst Ratings Changes

A number of brokerages have recently commented on COLB. Keefe, Bruyette & Woods increased their price objective on Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Royal Bank of Canada lifted their target price on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Stephens upped their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Finally, Truist Financial lifted their price objective on Columbia Banking System from $20.00 to $29.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.04.

Columbia Banking System 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.