Profund Advisors LLC Decreases Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Profund Advisors LLC lowered its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 13.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,786 shares of the financial services provider’s stock after selling 1,835 shares during the period. Profund Advisors LLC’s holdings in Columbia Banking System were worth $234,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in Columbia Banking System by 812.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after purchasing an additional 2,833,744 shares during the last quarter. 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. Silvercrest Asset Management Group LLC raised its stake in Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after buying an additional 788,383 shares during the last quarter. Wellington Management Group LLP boosted its stake in Columbia Banking System by 16.2% in the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after purchasing an additional 637,212 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after buying an additional 574,509 shares during the period. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of COLB stock opened at $25.96 on Friday. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.11. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 11.14 and a beta of 0.64. The stock has a 50 day simple moving average of $24.51 and a 200-day simple moving average of $21.12.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. Columbia Banking System’s revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. Analysts anticipate that Columbia Banking System, Inc. will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s payout ratio is 61.80%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. 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, September 24th. StockNews.com raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on shares of 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. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $25.50.

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.