American International Group Inc. Sells 12,117 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

American International Group Inc. trimmed its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 4.1% in the 4th quarter, HoldingsChannel reports. The fund owned 281,732 shares of the financial services provider’s stock after selling 12,117 shares during the quarter. American International Group Inc.’s holdings in Columbia Banking System were worth $7,517,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in COLB. Wellington Management Group LLP bought a new position in shares of Columbia Banking System in the 3rd quarter worth $80,011,000. Norges Bank acquired a new position in Columbia Banking System during the 4th quarter valued at about $63,152,000. Kennedy Capital Management LLC increased its position in Columbia Banking System by 1,633.4% during the 3rd quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock valued at $25,936,000 after buying an additional 1,203,933 shares in the last quarter. American Century Companies Inc. increased its position in Columbia Banking System by 32.5% during the 3rd quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock valued at $79,980,000 after buying an additional 967,009 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its position in Columbia Banking System by 3,245.7% during 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 buying an additional 838,762 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on COLB. Keefe, Bruyette & Woods reduced their target price on Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, April 5th. Truist Financial dropped their price target on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Wedbush reiterated a “neutral” rating and set a $20.00 price target on shares of Columbia Banking System in a research note on Friday, April 26th. TheStreet downgraded Columbia Banking System from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. 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, the stock currently has a consensus rating of “Hold” and an average price target of $22.04.

Columbia Banking System Stock Down 1.0 %

Shares of COLB opened at $18.64 on Thursday. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $28.11. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of 8.00 and a beta of 0.67. The stock’s 50-day moving average price is $19.08 and its 200-day moving average price is $20.74.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The company had revenue of $473.72 million for the quarter, compared to the consensus estimate of $480.39 million. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. Columbia Banking System’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. As a group, equities analysts anticipate that Columbia Banking System, Inc. will post 2.44 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently declared 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 was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 7.73%. 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.