IMS Capital Management Has $342,000 Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

IMS Capital Management trimmed its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,694 shares of the financial services provider’s stock after selling 1,335 shares during the period. IMS Capital Management’s holdings in Columbia Banking System were worth $342,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. EverSource Wealth Advisors LLC raised its stake in shares of Columbia Banking System by 13,181.9% during the first quarter. EverSource Wealth Advisors LLC now owns 16,868 shares of the financial services provider’s stock worth $317,000 after buying an additional 16,741 shares during the last quarter. Clean Yield Group raised its stake in shares of Columbia Banking System by 74.1% during the first quarter. Clean Yield Group now owns 8,892 shares of the financial services provider’s stock worth $172,000 after buying an additional 3,785 shares during the last quarter. Interval Partners LP bought a new stake in Columbia Banking System in the first quarter valued at approximately $1,829,000. Silvercrest Asset Management Group LLC increased its stake 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 valued at $86,468,000 after purchasing an additional 788,383 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Columbia Banking System by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 108,148 shares of the financial services provider’s stock valued at $2,093,000 after purchasing an additional 6,351 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on COLB. Truist Financial upped their target price on shares of Columbia Banking System from $20.00 to $29.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company upped 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 research note on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 target price on shares of Columbia Banking System in a research note on Wednesday, June 5th. Stephens upped 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 research note on Friday, July 26th. Finally, Barclays upped their target price on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $25.04.

Columbia Banking System Stock Down 3.6 %

COLB traded down $0.90 during trading hours on Friday, hitting $23.87. 2,541,769 shares of the company’s stock were exchanged, compared to its average volume of 2,620,116. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.11. The stock’s 50-day moving average is $20.73 and its two-hundred day moving average is $19.85. The stock has a market cap of $5.00 billion, a price-to-earnings 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 EPS for the quarter, topping the consensus estimate 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 business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm’s revenue was down 9.8% on a year-over-year basis. On average, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.51 EPS for the current year.

Columbia Banking System Dividend Announcement

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