Truist Financial Corp Has $2.02 Million Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Truist Financial Corp cut its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 8.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,605 shares of the financial services provider’s stock after selling 9,732 shares during the period. Truist Financial Corp’s holdings in Columbia Banking System were worth $2,021,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. LSV Asset Management bought a new position in shares of Columbia Banking System in the 1st quarter valued at approximately $2,850,000. BNP Paribas Financial Markets increased its stake in shares of Columbia Banking System by 185.1% in the first quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock worth $3,363,000 after purchasing an additional 112,826 shares during the period. First Hawaiian Bank lifted its position in shares of Columbia Banking System by 81.4% during the 2nd quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock worth $1,046,000 after purchasing an additional 23,597 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 574,509 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Columbia Banking System by 7.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 420,374 shares of the financial services provider’s stock valued at $8,135,000 after purchasing an additional 29,728 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $25.95 on Friday. The firm has a market capitalization of $5.43 billion, a P/E ratio of 11.14 and a beta of 0.64. The stock has a fifty day moving average price of $24.61 and a two-hundred day moving average price of $21.55. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter last year, the company posted $0.81 EPS. On average, equities research analysts predict that Columbia Banking System, Inc. will post 2.55 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were given a dividend of $0.36 per share. 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 5.55%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Royal Bank of Canada upped their price objective on shares of Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Raymond James lifted their target price on Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. cut their price target on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Columbia Banking System presently has a consensus rating of “Hold” and a consensus target price of $25.81.

Columbia Banking System Company 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.