KLP Kapitalforvaltning AS Takes Position in Columbia Banking System, Inc. (NASDAQ:COLB)

KLP Kapitalforvaltning AS purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the fourth quarter, Holdings Channel reports. The firm purchased 42,919 shares of the financial services provider’s stock, valued at approximately $1,159,000.

Other large investors also recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in Columbia Banking System by 0.8% in the 4th quarter. American Century Companies Inc. now owns 7,602,571 shares of the financial services provider’s stock worth $205,345,000 after purchasing an additional 61,242 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Columbia Banking System by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,315,896 shares of the financial services provider’s stock worth $197,602,000 after buying an additional 206,643 shares in the last quarter. Wellington Management Group LLP lifted its position in Columbia Banking System by 31.9% during the third quarter. Wellington Management Group LLP now owns 6,659,255 shares of the financial services provider’s stock worth $173,873,000 after buying an additional 1,611,563 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Columbia Banking System by 33.1% during the third quarter. Janus Henderson Group PLC now owns 2,263,432 shares of the financial services provider’s stock worth $59,099,000 after buying an additional 562,467 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Columbia Banking System by 10.7% in the 4th quarter. Fisher Asset Management LLC now owns 1,787,006 shares of the financial services provider’s stock valued at $48,267,000 after buying an additional 172,066 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Columbia Banking System from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Wells Fargo & Company raised shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $33.00 to $35.00 in a research report on Monday, January 6th. Barclays increased their price objective on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Keefe, Bruyette & Woods reduced their target price on Columbia Banking System from $34.00 to $33.00 and set a “market perform” rating on the stock in a research report on Friday, January 24th. Finally, Stephens lowered their price target on Columbia Banking System from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $31.25.

Insider Activity at Columbia Banking System

In other news, VP Torran B. Nixon sold 4,481 shares of Columbia Banking System stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total value of $116,461.19. Following the completion of the transaction, the vice president now owns 104,869 shares in the company, valued at approximately $2,725,545.31. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is currently owned by company insiders.

Columbia Banking System Price Performance

NASDAQ COLB opened at $24.73 on Friday. The company has a market cap of $5.18 billion, a P/E ratio of 9.74 and a beta of 0.62. The stock has a 50-day moving average of $26.55 and a two-hundred day moving average of $27.50. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $32.85.

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

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.82%. The ex-dividend date was Friday, February 28th. Columbia Banking System’s payout ratio is currently 56.69%.

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.