Handelsbanken Fonder AB Purchases 17,500 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Handelsbanken Fonder AB lifted its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 43.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,421 shares of the financial services provider’s stock after acquiring an additional 17,500 shares during the period. Handelsbanken Fonder AB’s holdings in Columbia Banking System were worth $1,499,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new stake in Columbia Banking System during the second quarter worth $33,000. Abich Financial Wealth Management LLC raised its stake in shares of Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,020 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Columbia Banking System by 144.0% in the 2nd 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 grew 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 valued at $52,000 after buying an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC grew 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 valued at $82,000 after buying an additional 4,115 shares during the period. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Down 0.2 %

COLB opened at $25.95 on Friday. The business’s fifty day simple moving average is $24.61 and its 200 day simple moving average is $21.55. 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 cap of $5.43 billion, a PE ratio of 11.14 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter was down 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. As a group, equities analysts anticipate that Columbia Banking System, Inc. will post 2.55 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced 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. This represents a $1.44 annualized dividend and a dividend yield of 5.55%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Analysts Set New Price Targets

Several research firms have recently weighed in on COLB. Raymond James increased their price target on Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Barclays boosted their price target on shares of Columbia Banking System from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. cut their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday. Truist Financial lowered their target price on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Finally, Stephens raised their price target 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. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $25.81.

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.