Bleakley Financial Group LLC Raises Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Bleakley Financial Group LLC boosted its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,111 shares of the financial services provider’s stock after purchasing an additional 718 shares during the period. Bleakley Financial Group LLC’s holdings in Columbia Banking System were worth $656,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of Columbia Banking System by 812.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after purchasing an additional 2,833,744 shares during the period. Silvercrest Asset Management Group LLC boosted its stake in Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after acquiring an additional 788,383 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Columbia Banking System by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock valued at $432,041,000 after acquiring an additional 574,509 shares during the period. Pzena Investment Management LLC increased its stake in shares of Columbia Banking System by 29.8% during the 1st quarter. Pzena Investment Management LLC now owns 2,456,438 shares of the financial services provider’s stock worth $47,532,000 after purchasing an additional 563,674 shares during the last quarter. Finally, LSV Asset Management raised its holdings in shares of Columbia Banking System by 333.8% in the 2nd quarter. LSV Asset Management now owns 639,042 shares of the financial services provider’s stock worth $12,711,000 after purchasing an additional 491,742 shares during the period. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $26.63 on Tuesday. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.15. The stock has a fifty day moving average of $25.10 and a 200 day moving average of $21.95. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 11.43 and a beta of 0.64.

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

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s payout ratio is 61.80%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on COLB. Royal Bank of Canada increased their price objective on Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Truist Financial cut their price target on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Raymond James upped their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Wells Fargo & Company increased their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and an average target price of $25.81.

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.