BNP PARIBAS ASSET MANAGEMENT Holding S.A. Boosts Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 431,701 shares of the financial services provider’s stock after purchasing an additional 11,327 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned 0.21% of Columbia Banking System worth $8,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Quadrant Capital Group LLC grew its holdings in shares of Columbia Banking System by 17.8% in the fourth quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 595 shares during the period. Retirement Systems of Alabama grew its holdings in shares of Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after acquiring an additional 700 shares during the period. Essex Financial Services Inc. grew its holdings in shares of Columbia Banking System by 3.8% in the first quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider’s stock worth $379,000 after acquiring an additional 725 shares during the period. Treasurer of the State of North Carolina grew its holdings in shares of Columbia Banking System by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock worth $2,460,000 after acquiring an additional 900 shares during the period. Finally, Abich Financial Wealth Management LLC grew its holdings in shares of Columbia Banking System by 85.1% in the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of COLB stock opened at $25.18 on Friday. 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 simple moving average is $22.82 and its two-hundred day simple moving average is $20.23. The company has a market cap of $5.27 billion, a PE ratio of 10.81 and a beta of 0.65.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. Equities research analysts expect that Columbia Banking System, Inc. will post 2.51 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Friday, August 23rd will be issued a $0.36 dividend. The ex-dividend date is Friday, August 23rd. This represents a $1.44 annualized dividend and a dividend yield of 5.72%. Columbia Banking System’s payout ratio is 61.80%.

Analysts Set New Price Targets

Several analysts have issued reports on COLB shares. JPMorgan Chase & Co. boosted their price target on Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Royal Bank of Canada boosted their price target on Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Piper Sandler reissued an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a report on Wednesday, June 5th. Keefe, Bruyette & Woods upped their price objective on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Finally, Barclays upped their price objective on Columbia Banking System from $21.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $25.04.

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.