Mirae Asset Global Investments Co. Ltd. Makes New $1.15 Million Investment in Columbia Banking System, Inc. (NASDAQ:COLB)

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 43,209 shares of the financial services provider’s stock, valued at approximately $1,153,000.

A number of other large investors also recently modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its holdings in Columbia Banking System by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,079,502 shares of the financial services provider’s stock worth $143,714,000 after acquiring an additional 26,010 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Columbia Banking System in the 3rd quarter worth $80,011,000. American Century Companies Inc. lifted its holdings in shares of Columbia Banking System by 32.5% in the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock valued at $79,980,000 after buying an additional 967,009 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Columbia Banking System by 13.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,020,138 shares of the financial services provider’s stock valued at $41,009,000 after purchasing an additional 243,841 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Columbia Banking System by 0.5% in the 3rd quarter. Northern Trust Corp now owns 1,772,558 shares of the financial services provider’s stock worth $35,983,000 after purchasing an additional 8,945 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Columbia Banking System

In other news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was bought at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the purchase, the director now owns 25,001 shares of the company’s stock, valued at approximately $462,018.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Columbia Banking System news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were bought at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the acquisition, the director now owns 25,001 shares of the company’s stock, valued at $462,018.48. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Christopher Merrywell bought 5,000 shares of the stock in a transaction dated Tuesday, January 30th. The stock was acquired at an average price of $21.09 per share, with a total value of $105,450.00. Following the completion of the purchase, the vice president now owns 50,727 shares of the company’s stock, valued at approximately $1,069,832.43. The disclosure for this purchase can be found here. Insiders have bought a total of 35,133 shares of company stock worth $719,737 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.

Columbia Banking System Trading Up 2.6 %

Shares of NASDAQ COLB opened at $18.79 on Tuesday. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 11.39 and a beta of 0.71. The business has a fifty day simple moving average of $18.48 and a 200 day simple moving average of $21.18. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.35). Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The business had revenue of $519.16 million for the quarter, compared to analyst estimates of $525.94 million. During the same quarter last year, the firm posted $0.93 earnings per share. Columbia Banking System’s revenue was up 52.5% on a year-over-year basis. On average, research analysts anticipate that Columbia Banking System, Inc. will post 2.25 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.66%. Columbia Banking System’s dividend payout ratio (DPR) is presently 87.27%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on COLB. Truist Financial decreased their target price on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Wells Fargo & Company lowered their target price on Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods reduced their price target on Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating for the company in a report on Friday, April 5th. Citigroup dropped their price objective on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Finally, Wedbush reduced their target price on shares of Columbia Banking System from $29.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.42.

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.