Raymond James & Associates Reduces Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Raymond James & Associates cut its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 29.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 261,189 shares of the financial services provider’s stock after selling 108,203 shares during the period. Raymond James & Associates owned approximately 0.12% of Columbia Banking System worth $6,820,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of COLB. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Columbia Banking System by 13.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 37,681 shares of the financial services provider’s stock worth $729,000 after purchasing an additional 4,551 shares during the last quarter. State of Michigan Retirement System lifted its holdings in shares of Columbia Banking System by 2.4% in the 1st 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. Commonwealth Equity Services LLC boosted its stake in shares of Columbia Banking System by 9.2% in the first quarter. Commonwealth Equity Services LLC now owns 57,745 shares of the financial services provider’s stock worth $1,117,000 after buying an additional 4,856 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Columbia Banking System by 0.3% during the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after acquiring an additional 700 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Columbia Banking System by 71.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 74,101 shares of the financial services provider’s stock valued at $1,434,000 after acquiring an additional 30,892 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on COLB. Wedbush upped their price objective on Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Truist Financial increased their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Monday. Wells Fargo & Company upped their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Raymond James raised their target price on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Stephens upped their price target 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. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $27.12.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $29.17 on Thursday. The stock has a market capitalization of $6.11 billion, a P/E ratio of 12.63 and a beta of 0.64. The business has a 50 day simple moving average of $25.79 and a two-hundred day simple moving average of $22.47. Columbia Banking System, Inc. has a 12 month low of $17.08 and a 12 month high of $29.41.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.62 by $0.07. The firm had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. During the same period in the previous year, the business earned $0.79 earnings per share. As a group, research analysts anticipate 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 $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.94%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 62.34%.

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.