Ariadne Wealth Management LP Takes $252,000 Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Ariadne Wealth Management LP purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 12,666 shares of the financial services provider’s stock, valued at approximately $252,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Retirement Systems of Alabama grew its stake in shares of Columbia Banking System by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after purchasing an additional 700 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of Columbia Banking System by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock worth $2,460,000 after buying an additional 900 shares during the period. Abich Financial Wealth Management LLC grew its holdings in Columbia Banking System by 85.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,020 shares during the last quarter. Arizona State Retirement System raised its stake in Columbia Banking System by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 58,406 shares of the financial services provider’s stock valued at $1,162,000 after purchasing an additional 1,085 shares during the last quarter. Finally, State of Michigan Retirement System lifted its stake in shares of Columbia Banking System by 2.4% in the first quarter. State of Michigan Retirement System now owns 51,241 shares of the financial services provider’s stock valued at $992,000 after buying an additional 1,200 shares during the period. 92.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on COLB shares. Truist Financial dropped their target price on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Piper Sandler restated an “overweight” rating and issued a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Keefe, Bruyette & Woods boosted their target price on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Barclays upped their price objective on shares of Columbia Banking System from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. raised their target price on shares of Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $25.50.

Columbia Banking System Price Performance

NASDAQ COLB opened at $26.11 on Tuesday. The company’s 50 day simple moving average is $24.56 and its two-hundred day simple moving average is $21.19. Columbia Banking System, Inc. has a 1 year low of $17.08 and a 1 year high of $28.11. The stock has a market capitalization of $5.47 billion, a PE ratio of 11.21 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. On average, research analysts anticipate that Columbia Banking System, Inc. will post 2.55 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 annualized dividend and a yield of 5.52%. Columbia Banking System’s payout ratio is 61.80%.

About Columbia Banking System

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.