Federated Hermes Inc. Decreases Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Federated Hermes Inc. cut its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 54.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 76,467 shares of the financial services provider’s stock after selling 89,596 shares during the quarter. Federated Hermes Inc.’s holdings in Columbia Banking System were worth $1,521,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. LSV Asset Management purchased a new position in shares of Columbia Banking System in the 1st quarter worth $2,850,000. BNP Paribas Financial Markets lifted its holdings in shares of Columbia Banking System by 185.1% in the 1st quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock valued at $3,363,000 after acquiring an additional 112,826 shares during the last quarter. First Hawaiian Bank grew its position in Columbia Banking System by 81.4% in the second quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock worth $1,046,000 after acquiring an additional 23,597 shares in the last quarter. Vanguard Group Inc. increased its stake in Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after acquiring an additional 574,509 shares during the last quarter. Finally, Norges Bank purchased a new stake in Columbia Banking System during the fourth quarter valued at approximately $63,152,000. Institutional investors own 92.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on COLB. Truist Financial dropped their target price on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a report on Friday. Wells Fargo & Company raised their price objective on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Stephens upped their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. StockNews.com downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Friday, August 30th. Finally, Barclays lifted their price objective on Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $24.96.

Columbia Banking System Stock Down 1.8 %

Shares of Columbia Banking System stock opened at $25.80 on Friday. The company has a market cap of $5.40 billion, a P/E ratio of 11.14 and a beta of 0.64. The firm’s 50 day moving average price is $24.16 and its 200-day moving average price is $20.83. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm had revenue of $472.15 million during the quarter, compared to analyst estimates of $476.01 million. During the same quarter in the prior year, the business posted $0.81 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities research analysts forecast that Columbia Banking System, Inc. will post 2.55 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.58%. Columbia Banking System’s payout ratio is 61.80%.

Columbia Banking System 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.