Columbia Banking System, Inc. (NASDAQ:COLB) Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 37.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 280,582 shares of the financial services provider’s stock after selling 164,477 shares during the quarter. Citigroup Inc. owned 0.13% of Columbia Banking System worth $7,326,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of COLB. Eagle Asset Management Inc. grew its holdings in Columbia Banking System by 3.2% during the third quarter. Eagle Asset Management Inc. now owns 397,612 shares of the financial services provider’s stock worth $10,382,000 after acquiring an additional 12,381 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Columbia Banking System by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,109,253 shares of the financial services provider’s stock worth $185,623,000 after acquiring an additional 178,327 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Columbia Banking System by 23.0% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 530,997 shares of the financial services provider’s stock worth $13,864,000 after acquiring an additional 99,296 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in shares of Columbia Banking System by 14.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,534,798 shares of the financial services provider’s stock worth $40,074,000 after acquiring an additional 190,311 shares during the last quarter. Finally, Phocas Financial Corp. acquired a new stake in shares of Columbia Banking System during the third quarter worth $6,357,000. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

Shares of COLB opened at $31.01 on Friday. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of 13.42 and a beta of 0.62. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $32.85. The business’s fifty day moving average price is $28.41 and its two-hundred day moving average price is $24.18.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. The firm had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. During the same quarter in the previous year, the business earned $0.79 EPS. As a group, research analysts forecast that Columbia Banking System, Inc. will post 2.63 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date is Friday, November 29th. Columbia Banking System’s dividend payout ratio (DPR) is currently 62.34%.

Analysts Set New Price Targets

COLB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Wedbush lifted their price target on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Raymond James lifted their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada increased their price objective on Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Finally, Truist Financial increased their price target on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a report on Monday, October 28th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $27.12.

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.