Sei Investments Co. Raises Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Sei Investments Co. boosted its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 3.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 992,572 shares of the financial services provider’s stock after buying an additional 36,995 shares during the quarter. Sei Investments Co. owned approximately 0.47% of Columbia Banking System worth $19,742,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of Columbia Banking System by 812.2% during the 2nd 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 lifted its stake in shares of 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 grew its stake 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 buying an additional 788,383 shares in the last quarter. Wellington Management Group LLP raised its holdings in Columbia Banking System by 16.2% during the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after acquiring an additional 637,212 shares during the period. Finally, Vanguard Group Inc. lifted its position 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 acquiring an additional 574,509 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $25.63 on Thursday. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11. The firm has a market capitalization of $5.37 billion, a P/E ratio of 11.00 and a beta of 0.64. The stock has a 50 day moving average price of $24.40 and a 200-day moving average price of $21.03.

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

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 annualized dividend and a yield of 5.62%. Columbia Banking System’s payout ratio is 61.80%.

Wall Street Analyst Weigh In

COLB has been the topic of a number of recent research reports. Piper Sandler reissued an “overweight” rating and set a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Wells Fargo & Company raised their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. boosted their price objective 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. Wedbush upgraded Columbia Banking System from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $28.00 to $31.00 in a research note on Tuesday. Finally, 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 research note on Friday, September 20th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average 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.