Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) announced a quarterly dividend on Monday, April 25th, Wall Street Journal reports. Shareholders of record on Wednesday, May 4th will be given a dividend of 0.30 per share by the financial services provider on Wednesday, May 18th. This represents a $1.20 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Tuesday, May 3rd.
Columbia Banking System has a dividend payout ratio of 35.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Columbia Banking System to earn $3.37 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 35.6%.
COLB stock traded down $0.22 during mid-day trading on Monday, reaching $31.15. 1,041,747 shares of the stock traded hands, compared to its average volume of 873,206. Columbia Banking System has a 52 week low of $29.22 and a 52 week high of $44.99. The stock has a 50-day simple moving average of $33.44. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 11.20 and a beta of 0.63.
In other news, CFO Aaron James Deer acquired 3,000 shares of the company’s stock in a transaction dated Thursday, February 24th. The stock was bought at an average price of $33.45 per share, with a total value of $100,350.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.62% of the company’s stock.
Several institutional investors have recently modified their holdings of COLB. Morgan Stanley increased its holdings in shares of Columbia Banking System by 18.2% in the second quarter. Morgan Stanley now owns 406,883 shares of the financial services provider’s stock valued at $15,689,000 after purchasing an additional 62,511 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Columbia Banking System by 25.2% in the third quarter. LPL Financial LLC now owns 10,313 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 2,076 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Columbia Banking System during the 3rd quarter worth $275,000. Barclays PLC grew its holdings in Columbia Banking System by 126.0% during the 4th quarter. Barclays PLC now owns 239,029 shares of the financial services provider’s stock worth $7,822,000 after acquiring an additional 133,260 shares during the period. Finally, Credit Suisse AG grew its holdings in Columbia Banking System by 50.5% during the 4th quarter. Credit Suisse AG now owns 110,932 shares of the financial services provider’s stock worth $3,630,000 after acquiring an additional 37,245 shares during the period. 84.11% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have commented on COLB. StockNews.com began coverage on shares of Columbia Banking System in a research note on Thursday, March 31st. They set a “hold” rating for the company. Raymond James cut their price target on shares of Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday. Royal Bank of Canada raised their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Friday. Keefe, Bruyette & Woods began coverage on shares of Columbia Banking System in a research note on Friday, February 11th. They set a “market perform” rating for the company. Finally, Zacks Investment Research upgraded shares of Columbia Banking System from a “hold” rating to a “strong-buy” rating and set a $38.00 price target for the company in a research note on Thursday, March 31st. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $37.00.
About Columbia Banking System (Get Rating)
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.
- Get a free copy of the StockNews.com research report on Columbia Banking System (COLB)
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