New York State Common Retirement Fund Lowers Position in Columbia Banking System, Inc. (NASDAQ:COLB)

New York State Common Retirement Fund decreased its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 153,050 shares of the financial services provider’s stock after selling 18,335 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of Columbia Banking System worth $4,083,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in COLB. EverSource Wealth Advisors LLC raised its position in shares of Columbia Banking System by 1,506.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,326 shares in the last quarter. First Pacific Financial purchased a new stake in Columbia Banking System during the fourth quarter valued at about $40,000. Cerity Partners LLC bought a new stake in Columbia Banking System during the fourth quarter worth about $59,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Columbia Banking System in the 3rd quarter worth about $78,000. Finally, NBC Securities Inc. bought a new position in shares of Columbia Banking System during the 3rd quarter valued at about $137,000. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Price Performance

COLB stock opened at $20.17 on Monday. The business has a 50-day moving average price of $18.62 and a 200 day moving average price of $21.14. The company has a market capitalization of $4.22 billion, a P/E ratio of 8.66 and a beta of 0.69. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $473.72 million during the quarter, compared to the consensus estimate of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, analysts anticipate that Columbia Banking System, Inc. will post 2.37 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were given a dividend of $0.36 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.14%. Columbia Banking System’s payout ratio is presently 61.80%.

Wall Street Analysts Forecast Growth

COLB has been the subject of several research reports. Royal Bank of Canada cut their target price on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 9th. Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price target on the stock. in a research note on Thursday, January 25th. UBS Group decreased their price target on shares of Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating on the stock in a research note on Friday, January 26th. Wells Fargo & Company decreased their price target on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Finally, Piper Sandler decreased their price target on shares of Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Columbia Banking System has an average rating of “Hold” and a consensus price target of $22.19.

Insider Buying and Selling at Columbia Banking System

In related news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, for a total transaction of $49,618.80. Following the acquisition, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is owned by insiders.

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.