The Manufacturers Life Insurance Company Has $30.93 Million Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

The Manufacturers Life Insurance Company reduced its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 3.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,555,244 shares of the financial services provider’s stock after selling 49,194 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Columbia Banking System were worth $30,934,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake 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 buying an additional 574,509 shares during the period. American Century Companies Inc. boosted its holdings in shares of Columbia Banking System by 6.7% in the second quarter. American Century Companies Inc. now owns 6,191,704 shares of the financial services provider’s stock valued at $123,153,000 after buying an additional 386,751 shares during the period. Bank of New York Mellon Corp increased its position in shares of Columbia Banking System by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider’s stock worth $93,851,000 after acquiring an additional 23,963 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Columbia Banking System by 16.2% during the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after acquiring an additional 637,212 shares during the period. Finally, Silvercrest Asset Management Group LLC lifted its position in Columbia Banking System by 21.4% in the 1st 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 acquiring an additional 788,383 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Price Performance

NASDAQ:COLB opened at $26.11 on Tuesday. The company has a market cap of $5.47 billion, a P/E ratio of 11.21 and a beta of 0.64. The firm’s fifty day moving average price is $24.56 and its two-hundred day moving average price is $21.19. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. Columbia Banking System’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 EPS. As a group, equities research analysts expect 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 declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were issued a dividend of $0.36 per share. The ex-dividend date was Friday, August 23rd. This represents a $1.44 annualized dividend and a yield of 5.52%. Columbia Banking System’s payout ratio is currently 61.80%.

Analyst Ratings Changes

A number of research firms have issued reports on COLB. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a report on Wednesday, September 25th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research report on Wednesday, June 5th. JPMorgan Chase & Co. lifted their price target on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods boosted their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada increased 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. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus target price of $25.50.

Columbia Banking System Profile

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.