New York State Teachers Retirement System Decreases Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

New York State Teachers Retirement System decreased its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 284,487 shares of the financial services provider’s stock after selling 3,800 shares during the period. New York State Teachers Retirement System owned about 0.14% of Columbia Banking System worth $7,095,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in COLB. Wealth Enhancement Advisory Services LLC raised its position in shares of Columbia Banking System by 3.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 40,952 shares of the financial services provider’s stock valued at $1,021,000 after purchasing an additional 1,548 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Columbia Banking System by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 24,552 shares of the financial services provider’s stock worth $612,000 after buying an additional 660 shares during the last quarter. William Blair Investment Management LLC raised its holdings in Columbia Banking System by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 1,774,443 shares of the financial services provider’s stock valued at $47,928,000 after acquiring an additional 42,527 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Columbia Banking System by 126.8% during the 1st quarter. QRG Capital Management Inc. now owns 21,959 shares of the financial services provider’s stock valued at $548,000 after acquiring an additional 12,275 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Columbia Banking System by 158.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,851,217 shares of the financial services provider’s stock valued at $50,001,000 after acquiring an additional 1,134,544 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Wall Street Zen assumed coverage on shares of Columbia Banking System in a research report on Thursday, May 22nd. They issued a “hold” rating for the company. Royal Bank Of Canada lowered their price objective on Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Wells Fargo & Company increased their target price on Columbia Banking System from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th. Piper Sandler decreased their target price on Columbia Banking System from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods dropped their price target on 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. Eleven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.29.

Columbia Banking System Price Performance

Shares of COLB opened at $25.45 on Friday. Columbia Banking System, Inc. has a 12 month low of $19.18 and a 12 month high of $32.85. The stock has a fifty day moving average price of $23.68 and a 200 day moving average price of $25.01. The company has a market cap of $5.35 billion, a P/E ratio of 10.78 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The business had revenue of $481.92 million during the quarter, compared to analyst estimates of $482.86 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The company’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.66%. The ex-dividend date was Friday, May 30th. Columbia Banking System’s dividend payout ratio (DPR) is 61.02%.

About Columbia Banking System

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.