Columbia Banking System, Inc. $COLB Shares Sold by First Trust Advisors LP

First Trust Advisors LP reduced its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 5.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,790,639 shares of the financial services provider’s stock after selling 104,111 shares during the quarter. First Trust Advisors LP owned approximately 0.85% of Columbia Banking System worth $46,091,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of COLB. Wedbush Securities Inc. boosted its position in shares of Columbia Banking System by 4.5% during the 3rd quarter. Wedbush Securities Inc. now owns 9,915 shares of the financial services provider’s stock valued at $255,000 after acquiring an additional 423 shares during the last quarter. Peregrine Asset Advisers Inc. grew its holdings in shares of Columbia Banking System by 4.9% in the third quarter. Peregrine Asset Advisers Inc. now owns 9,774 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 457 shares during the period. Tower Research Capital LLC TRC increased its position in Columbia Banking System by 4.8% during the second quarter. Tower Research Capital LLC TRC now owns 11,758 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 534 shares during the last quarter. Mengis Capital Management Inc. increased its position in Columbia Banking System by 1.1% during the third quarter. Mengis Capital Management Inc. now owns 51,061 shares of the financial services provider’s stock worth $1,314,000 after purchasing an additional 550 shares during the last quarter. Finally, Lecap Asset Management Ltd. increased its position in Columbia Banking System by 3.5% during the third quarter. Lecap Asset Management Ltd. now owns 18,713 shares of the financial services provider’s stock worth $482,000 after purchasing an additional 639 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Stock Down 0.7%

Shares of COLB stock opened at $26.77 on Thursday. The firm has a 50 day moving average of $29.55 and a two-hundred day moving average of $27.83. The stock has a market capitalization of $7.91 billion, a PE ratio of 11.85 and a beta of 0.60. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $32.70.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. The business had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same quarter in the prior year, the company earned $0.71 earnings per share. Analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, February 27th. This represents a $1.48 annualized dividend and a yield of 5.5%. Columbia Banking System’s dividend payout ratio is 65.49%.

Insider Transactions at Columbia Banking System

In related news, VP Torran B. Nixon sold 2,240 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total transaction of $64,624.00. Following the sale, the vice president directly owned 98,229 shares in the company, valued at approximately $2,833,906.65. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,206 shares of company stock worth $531,859 in the last ninety days. 0.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on COLB. JPMorgan Chase & Co. boosted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Royal Bank Of Canada raised their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Piper Sandler lifted their price target on shares of Columbia Banking System from $34.50 to $36.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Citigroup upped their price objective on Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. Finally, Barclays increased their price objective on Columbia Banking System from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $32.04.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.