Amalgamated Bank Sells 11,140 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Amalgamated Bank reduced its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 7.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 131,163 shares of the financial services provider’s stock after selling 11,140 shares during the quarter. Amalgamated Bank’s holdings in Columbia Banking System were worth $2,609,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in COLB. Norges Bank bought a new position in shares of Columbia Banking System during the 4th quarter worth approximately $63,152,000. Corient Private Wealth LLC bought a new stake in Columbia Banking System in the 4th quarter valued at $963,000. Orion Portfolio Solutions LLC boosted its stake in Columbia Banking System by 10.6% in the 4th quarter. Orion Portfolio Solutions LLC now owns 33,490 shares of the financial services provider’s stock valued at $875,000 after purchasing an additional 3,211 shares during the period. United Services Automobile Association boosted its stake in Columbia Banking System by 11.3% in the 4th quarter. United Services Automobile Association now owns 17,093 shares of the financial services provider’s stock valued at $456,000 after purchasing an additional 1,734 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its stake in Columbia Banking System by 75.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,327 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 5,752 shares during the period. 92.53% of the stock is currently owned by institutional investors.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $26.08 on Wednesday. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $28.11. The stock has a market capitalization of $5.46 billion, a P/E ratio of 11.19 and a beta of 0.64. The stock has a fifty day moving average of $24.37 and a 200-day moving average of $21.00.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter in the previous year, the firm earned $0.81 EPS. Columbia Banking System’s revenue was down 9.8% on a year-over-year basis. On average, research analysts forecast that Columbia Banking System, Inc. will post 2.55 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were issued a $0.36 dividend. 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 5.52%. Columbia Banking System’s payout ratio is presently 61.80%.

Analyst Ratings Changes

COLB has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Barclays boosted their price target on Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Piper Sandler restated an “overweight” rating and issued a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Wedbush upgraded Columbia Banking System from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $28.00 to $31.00 in a research note on Tuesday. Finally, Royal Bank of Canada lifted their price objective 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus price target of $25.42.

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.