Truist Financial Corp Sells 17,207 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Truist Financial Corp cut its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 13.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 114,287 shares of the financial services provider’s stock after selling 17,207 shares during the quarter. Truist Financial Corp’s holdings in Columbia Banking System were worth $3,049,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Keeley Teton Advisors LLC raised its position in shares of Columbia Banking System by 11.0% in the 3rd quarter. Keeley Teton Advisors LLC now owns 405,480 shares of the financial services provider’s stock worth $8,231,000 after acquiring an additional 40,215 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in Columbia Banking System by 1,633.4% in the third quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock worth $25,936,000 after purchasing an additional 1,203,933 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Columbia Banking System by 32.5% during the 3rd quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after buying an additional 967,009 shares in the last quarter. First Hawaiian Bank grew its position in shares of Columbia Banking System by 12.3% during the 4th quarter. First Hawaiian Bank now owns 20,062 shares of the financial services provider’s stock worth $535,000 after buying an additional 2,200 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Columbia Banking System by 21.4% in the 4th quarter. Nordea Investment Management AB now owns 146,066 shares of the financial services provider’s stock valued at $3,910,000 after acquiring an additional 25,771 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

Shares of COLB stock opened at $20.08 on Wednesday. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11. The business’s fifty day moving average is $18.72 and its 200 day moving average is $21.15. The company has a market capitalization of $4.20 billion, a PE ratio of 8.62 and a beta of 0.69.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.53 by $0.12. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The company had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Columbia Banking System’s revenue was up 10.3% on a year-over-year basis. On average, sell-side analysts forecast that Columbia Banking System, Inc. will post 2.37 EPS 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 dividend of $0.36 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.17%. Columbia Banking System’s payout ratio is 61.80%.

Wall Street Analyst Weigh In

COLB has been the subject of a number of research reports. TheStreet cut shares of Columbia Banking System from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Wedbush restated a “neutral” rating and issued a $20.00 target price on shares of Columbia Banking System in a report on Friday, April 26th. Stephens downgraded Columbia Banking System from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $31.00 to $24.00 in a research note on Thursday, January 25th. Truist Financial dropped 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. Finally, JPMorgan Chase & Co. lowered their price objective on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, April 4th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $22.19.

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.