Rhumbline Advisers Acquires 3,172 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Rhumbline Advisers lifted its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 0.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 574,555 shares of the financial services provider’s stock after purchasing an additional 3,172 shares during the period. Rhumbline Advisers owned 0.27% of Columbia Banking System worth $15,519,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in Columbia Banking System during the 3rd quarter worth about $288,000. Nordea Investment Management AB lifted its position in shares of Columbia Banking System by 82.0% during the fourth quarter. Nordea Investment Management AB now owns 391,286 shares of the financial services provider’s stock worth $10,592,000 after purchasing an additional 176,334 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Columbia Banking System by 15.7% during the third quarter. JPMorgan Chase & Co. now owns 716,673 shares of the financial services provider’s stock worth $18,712,000 after purchasing an additional 97,498 shares in the last quarter. Pathstone Holdings LLC grew its stake in shares of Columbia Banking System by 45.7% during the third quarter. Pathstone Holdings LLC now owns 120,888 shares of the financial services provider’s stock valued at $3,156,000 after purchasing an additional 37,941 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Columbia Banking System by 439.5% in the third quarter. BNP Paribas Financial Markets now owns 79,877 shares of the financial services provider’s stock valued at $2,086,000 after purchasing an additional 65,072 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on COLB. Keefe, Bruyette & Woods reduced their price objective on Columbia Banking System from $34.00 to $33.00 and set a “market perform” rating on the stock in a report on Friday, January 24th. Stephens reduced their price objective on shares of Columbia Banking System from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Wells Fargo & Company upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $33.00 to $35.00 in a research report on Monday, January 6th. UBS Group initiated coverage on Columbia Banking System in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target on the stock. Finally, Truist Financial upped their price objective on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a report on Monday, October 28th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $30.38.

Columbia Banking System Stock Down 2.0 %

Shares of COLB opened at $26.51 on Friday. The stock has a market capitalization of $5.55 billion, a P/E ratio of 10.44 and a beta of 0.66. The company has a 50 day moving average of $27.63 and a 200-day moving average of $27.26. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $32.85.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. On average, sell-side analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date of this dividend is Friday, February 28th. Columbia Banking System’s dividend payout ratio (DPR) is presently 56.69%.

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.