Columbia Banking System, Inc. (NASDAQ:COLB) Stake Lifted by M&T Bank Corp

M&T Bank Corp grew its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 54.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 20,270 shares of the financial services provider’s stock after acquiring an additional 7,164 shares during the quarter. M&T Bank Corp’s holdings in Columbia Banking System were worth $506,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new position in Columbia Banking System during the 4th quarter worth $29,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at $42,000. Meeder Asset Management Inc. acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at $42,000. UMB Bank n.a. lifted its holdings in shares of Columbia Banking System by 141.3% during the first quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 958 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Columbia Banking System by 34.5% during the first quarter. GAMMA Investing LLC now owns 5,331 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,368 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Trading Up 0.2%

Shares of COLB stock opened at $23.88 on Thursday. The stock has a 50 day moving average of $23.94 and a two-hundred day moving average of $24.89. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.85. The company has a market capitalization of $5.02 billion, a P/E ratio of 10.12 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data 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. Columbia Banking System had a return on equity of 11.12% and a net margin of 16.85%. The company had revenue of $481.92 million during the quarter, compared to the consensus estimate of $482.86 million. During the same quarter last year, the company earned $0.65 EPS. The company’s quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts predict that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.44 annualized dividend and a dividend yield of 6.03%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.02%.

Analysts Set New Price Targets

Several brokerages have recently commented on COLB. Raymond James Financial set a $27.00 target price on Columbia Banking System and gave the company an “outperform” rating in a report on Thursday, April 24th. Piper Sandler dropped their target price on 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. Barclays dropped their target price on Columbia Banking System from $32.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods lowered their price objective on Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating on the stock in a report on Thursday, April 24th. Finally, Jefferies Financial Group initiated coverage on Columbia Banking System in a report on Wednesday, May 21st. They set a “hold” rating and a $27.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.79.

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.