Texas Permanent School Fund Corp Has $3.11 Million Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Texas Permanent School Fund Corp trimmed its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 14.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 156,120 shares of the financial services provider’s stock after selling 26,189 shares during the period. Texas Permanent School Fund Corp owned 0.07% of Columbia Banking System worth $3,105,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in COLB. LSV Asset Management acquired a new stake in Columbia Banking System during the 1st quarter worth approximately $2,850,000. BNP Paribas Financial Markets lifted its holdings in Columbia Banking System by 185.1% during the 1st quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock worth $3,363,000 after purchasing an additional 112,826 shares during the last quarter. First Hawaiian Bank lifted its holdings in Columbia Banking System by 81.4% during the 2nd quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock worth $1,046,000 after purchasing an additional 23,597 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Columbia Banking System by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after purchasing an additional 574,509 shares during the last quarter. Finally, Norges Bank acquired a new stake in Columbia Banking System during the 4th quarter worth approximately $63,152,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on COLB. Royal Bank of Canada lifted their price target on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods lifted their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. raised their price objective on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Truist Financial raised their price objective on Columbia Banking System from $20.00 to $29.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Piper Sandler restated an “overweight” rating and set a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $25.04.

Columbia Banking System Stock Performance

Shares of COLB opened at $24.37 on Monday. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11. The business’s fifty day moving average is $23.78 and its 200-day moving average is $20.67. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 10.46 and a beta of 0.64.

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 (EPS) for the quarter, beating 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 company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same quarter last year, the company posted $0.81 EPS. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, research analysts forecast that Columbia Banking System, Inc. will post 2.55 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 5.91%. 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.