Fisher Asset Management LLC Has $41.94 Million Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Fisher Asset Management LLC lowered its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 18.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,571,823 shares of the financial services provider’s stock after selling 356,351 shares during the quarter. Fisher Asset Management LLC owned approximately 0.75% of Columbia Banking System worth $41,936,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in COLB. Wellington Management Group LLP acquired a new stake in shares of Columbia Banking System during the 3rd quarter worth about $80,011,000. Norges Bank acquired a new stake in Columbia Banking System in the 4th quarter valued at about $63,152,000. Kennedy Capital Management LLC increased its position in Columbia Banking System by 1,633.4% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock valued at $25,936,000 after acquiring an additional 1,203,933 shares in the last quarter. American Century Companies Inc. increased its position in Columbia Banking System by 32.5% in the 3rd quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock valued at $79,980,000 after acquiring an additional 967,009 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its position in Columbia Banking System by 3,245.7% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after acquiring an additional 838,762 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Analyst Ratings Changes

COLB has been the subject of several research reports. Citigroup lowered their price objective on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, March 13th. Wedbush reissued a “neutral” rating and set a $20.00 price target on shares of Columbia Banking System in a research note on Friday, April 26th. Piper Sandler reissued an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Truist Financial dropped their price target on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Finally, Barclays boosted their price objective on shares of Columbia Banking System from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.04.

Columbia Banking System Stock Up 2.3 %

Columbia Banking System stock opened at $18.82 on Tuesday. The stock has a market capitalization of $3.94 billion, a PE ratio of 8.08 and a beta of 0.67. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $28.11. The company has a 50 day moving average of $19.08 and a 200-day moving average of $20.82.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.12. The company had revenue of $473.72 million during the quarter, compared to analysts’ expectations of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. Equities analysts anticipate that Columbia Banking System, Inc. will post 2.44 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 24th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 7.65%. The ex-dividend date of this dividend was Thursday, May 23rd. Columbia Banking System’s payout ratio is 61.80%.

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.