TD Private Client Wealth LLC Grows Position in Columbia Banking System, Inc. $COLB

TD Private Client Wealth LLC increased its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 1,401.5% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 138,635 shares of the financial services provider’s stock after buying an additional 129,402 shares during the quarter. TD Private Client Wealth LLC’s holdings in Columbia Banking System were worth $3,568,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HoldCo Asset Management LP purchased a new stake in shares of Columbia Banking System during the 2nd quarter valued at about $104,819,000. American Century Companies Inc. lifted its position in Columbia Banking System by 18.3% during the second quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider’s stock valued at $209,220,000 after purchasing an additional 1,381,597 shares during the period. Norges Bank bought a new position in Columbia Banking System during the second quarter valued at approximately $23,813,000. Prudential Financial Inc. boosted its holdings in Columbia Banking System by 1,773.2% in the second quarter. Prudential Financial Inc. now owns 767,114 shares of the financial services provider’s stock worth $17,935,000 after purchasing an additional 726,163 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in Columbia Banking System by 681.2% in the 2nd quarter. Mackenzie Financial Corp now owns 786,091 shares of the financial services provider’s stock worth $18,379,000 after purchasing an additional 685,467 shares during the period. Institutional investors own 92.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Barclays increased their price target on Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, December 19th. Wall Street Zen upgraded Columbia Banking System to a “hold” rating in a research report on Saturday, December 27th. Cowen reissued a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. Piper Sandler set a $33.00 price target on Columbia Banking System in a research note on Monday, November 3rd. Finally, TD Cowen increased their price objective on shares of Columbia Banking System from $28.00 to $32.00 and gave the stock a “hold” rating in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $30.08.

Columbia Banking System Stock Performance

NASDAQ COLB opened at $28.29 on Wednesday. The business’s fifty day moving average is $28.03 and its 200 day moving average is $26.40. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $29.72. The company has a market capitalization of $8.46 billion, a PE ratio of 12.74 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.19. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%.The business had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $565.11 million. During the same quarter in the prior year, the business posted $0.69 earnings per share. The business’s quarterly revenue was up 18.0% on a year-over-year basis. On average, sell-side analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Friday, November 28th. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s dividend payout ratio (DPR) is 66.67%.

Columbia Banking System Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.