Millennium Management LLC Sells 46,937 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Millennium Management LLC reduced its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 39.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,056 shares of the financial services provider’s stock after selling 46,937 shares during the period. Millennium Management LLC’s holdings in Columbia Banking System were worth $1,946,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at about $29,000. SBI Securities Co. Ltd. acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at about $32,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at about $42,000. Meeder Asset Management Inc. acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at about $42,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Columbia Banking System by 62.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider’s stock valued at $55,000 after buying an additional 780 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Stock Down 1.5%

Columbia Banking System stock opened at $23.03 on Tuesday. Columbia Banking System, Inc. has a 52 week low of $18.20 and a 52 week high of $32.85. The company’s 50 day moving average price is $23.23 and its two-hundred day moving average price is $26.12. The stock has a market cap of $4.84 billion, a P/E ratio of 9.07 and a beta of 0.59.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $481.92 million for the quarter, compared to analysts’ expectations of $482.86 million. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. Columbia Banking System’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. On average, equities analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, May 30th. This represents a $1.44 dividend on an annualized basis and a yield of 6.25%. Columbia Banking System’s payout ratio is 61.02%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wall Street Zen assumed coverage on Columbia Banking System in a research note on Thursday, May 22nd. They issued a “hold” rating for the company. Raymond James set a $27.00 price target on shares of Columbia Banking System and gave the company an “outperform” rating in a research report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price target on shares of Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating on the stock in a research report on Thursday, April 24th. Piper Sandler dropped their price target on shares of Columbia Banking System from $32.00 to $30.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Finally, DA Davidson set a $25.00 price target on shares of Columbia Banking System and gave the company a “neutral” rating in a research report on Thursday, April 24th. Eleven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and a consensus price target of $29.64.

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.