Picton Mahoney Asset Management Acquires Shares of 1,643 Columbia Banking System, Inc. (NASDAQ:COLB)

Picton Mahoney Asset Management bought a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,643 shares of the financial services provider’s stock, valued at approximately $33,000.

A number of other institutional investors have also recently modified their holdings of COLB. Fifth Third Bancorp grew its position in Columbia Banking System by 113.4% during the 1st quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,047 shares during the last quarter. Abich Financial Wealth Management LLC grew its holdings in shares of Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,020 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its position in Columbia Banking System by 137,166.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 4,115 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Up 0.7 %

COLB stock opened at $25.18 on Monday. The business’s 50-day moving average price is $22.82 and its 200-day moving average price is $20.25. The stock has a market cap of $5.27 billion, a P/E ratio of 10.81 and a beta of 0.65. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $28.11.

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 for the quarter, beating the consensus estimate of $0.57 by $0.10. The business had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. On average, equities research analysts expect that Columbia Banking System, Inc. will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Friday, August 23rd will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.72%. The ex-dividend date of this dividend is Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on COLB. Royal Bank of Canada upped their price target 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. Barclays raised their price target on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Piper Sandler reissued an “overweight” rating and set a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Wedbush increased their price objective on shares of Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, StockNews.com downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Friday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Columbia Banking System presently has a consensus rating of “Hold” and a consensus target price of $25.04.

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.