Cooke & Bieler LP Trims Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Cooke & Bieler LP trimmed its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,115,334 shares of the financial services provider’s stock after selling 43,968 shares during the period. Cooke & Bieler LP’s holdings in Columbia Banking System were worth $42,074,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Columbia Banking System during the fourth quarter valued at $63,152,000. Public Employees Retirement Association of Colorado lifted its position in shares of Columbia Banking System by 3,245.7% in the fourth 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 acquiring an additional 838,762 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its stake in shares of 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 acquiring an additional 788,383 shares during the last quarter. Franklin Resources Inc. increased its position in shares of 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 purchasing an additional 700,643 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Columbia Banking System by 16.2% in the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after purchasing an additional 637,212 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on COLB shares. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Truist Financial upped their price target on Columbia Banking System from $20.00 to $29.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Barclays lifted their price objective on Columbia Banking System from $21.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. StockNews.com cut shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company boosted their target price 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. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.04.

Columbia Banking System Stock Down 1.0 %

NASDAQ COLB traded down $0.25 on Wednesday, hitting $24.42. 322,071 shares of the stock were exchanged, compared to its average volume of 2,406,095. Columbia Banking System, Inc. has a fifty-two week low of $17.08 and a fifty-two week high of $28.11. The company has a 50-day moving average price of $23.06 and a 200-day moving average price of $20.34. The company has a market cap of $5.12 billion, a PE ratio of 10.59 and a beta of 0.65.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 2.55 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Friday, August 23rd will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 5.90%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

About Columbia Banking System

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.