Massachusetts Financial Services Co. MA Sells 53,217 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Massachusetts Financial Services Co. MA lessened its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 0.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,765,676 shares of the financial services provider’s stock after selling 53,217 shares during the quarter. Massachusetts Financial Services Co. MA owned 3.23% of Columbia Banking System worth $134,569,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in COLB. Picton Mahoney Asset Management acquired a new position in Columbia Banking System during the second quarter valued at approximately $33,000. Abich Financial Wealth Management LLC grew its stake 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 valued at $43,000 after buying an additional 1,020 shares in the last quarter. GAMMA Investing LLC increased its holdings in Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its position in Columbia Banking System by 137,166.7% during the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 4,115 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Stock Up 1.4 %

NASDAQ COLB opened at $25.23 on Thursday. The firm has a 50-day moving average price of $23.97 and a two-hundred day moving average price of $20.76. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $28.11. The company has a market capitalization of $5.28 billion, a P/E ratio of 10.96 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 business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. During the same period in the previous year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities analysts expect that Columbia Banking System, Inc. will post 2.55 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s payout ratio is currently 61.80%.

Analysts Set New Price Targets

Several research firms have recently weighed in on COLB. Royal Bank of Canada boosted their price objective on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. boosted their price target on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Wedbush raised their price objective on Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Wells Fargo & Company boosted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, Truist Financial raised their price target on Columbia Banking System from $20.00 to $29.00 and gave the company a “hold” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and a consensus price target 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.