Geode Capital Management LLC Boosts Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Geode Capital Management LLC raised its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 0.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,682,189 shares of the financial services provider’s stock after purchasing an additional 6,804 shares during the period. Geode Capital Management LLC owned 1.76% of Columbia Banking System worth $96,166,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in Columbia Banking System by 8,253.4% during the second quarter. Blue Trust Inc. now owns 6,098 shares of the financial services provider’s stock valued at $118,000 after buying an additional 6,025 shares during the period. Easterly Investment Partners LLC grew its holdings in shares of Columbia Banking System by 72.3% during the second quarter. Easterly Investment Partners LLC now owns 246,973 shares of the financial services provider’s stock worth $4,912,000 after purchasing an additional 103,625 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Columbia Banking System by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider’s stock worth $93,851,000 after purchasing an additional 23,963 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in Columbia Banking System by 15.1% in the second quarter. Verdence Capital Advisors LLC now owns 18,499 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 2,430 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,380 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Stock Down 6.4 %

Shares of NASDAQ COLB opened at $26.80 on Thursday. The firm’s fifty day moving average is $29.43 and its 200 day moving average is $25.14. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $32.85. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 11.60 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The firm had revenue of $765.06 million for the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same quarter in the previous year, the company earned $0.79 earnings per share. Equities research analysts anticipate that Columbia Banking System, Inc. will post 2.63 earnings per share for the current year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.37%. The ex-dividend date was Friday, November 29th. Columbia Banking System’s dividend payout ratio (DPR) is currently 62.34%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $30.00 to $33.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James raised their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada upped their price objective on Columbia Banking System from $29.00 to $31.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Truist Financial raised their price objective on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a report on Monday, October 28th. Finally, UBS Group assumed coverage on Columbia Banking System in a research note on Tuesday. They issued a “neutral” rating and a $32.00 target price for the company. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System currently has an average rating of “Hold” and an average price target of $29.00.

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.