Hsbc Holdings PLC Trims Stake in Columbia Banking System, Inc. $COLB

Hsbc Holdings PLC cut its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 52.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,769 shares of the financial services provider’s stock after selling 10,722 shares during the period. Hsbc Holdings PLC’s holdings in Columbia Banking System were worth $243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of COLB. Northern Trust Corp increased its stake in shares of Columbia Banking System by 22.9% in the fourth quarter. Northern Trust Corp now owns 1,768,473 shares of the financial services provider’s stock worth $47,766,000 after purchasing an additional 329,485 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its stake in shares of Columbia Banking System by 38.7% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 12,747 shares of the financial services provider’s stock worth $344,000 after purchasing an additional 3,559 shares in the last quarter. Algert Global LLC increased its stake in shares of Columbia Banking System by 34.9% in the fourth quarter. Algert Global LLC now owns 73,355 shares of the financial services provider’s stock worth $1,981,000 after purchasing an additional 18,994 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in shares of Columbia Banking System by 25.5% in the fourth quarter. Deprince Race & Zollo Inc. now owns 2,109,817 shares of the financial services provider’s stock worth $56,986,000 after purchasing an additional 428,776 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Columbia Banking System by 7.0% in the fourth quarter. Deutsche Bank AG now owns 27,900 shares of the financial services provider’s stock worth $754,000 after purchasing an additional 1,825 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Up 0.6%

COLB stock opened at $26.77 on Friday. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $32.85. The company has a fifty day simple moving average of $25.07 and a two-hundred day simple moving average of $24.28. The firm has a market capitalization of $5.63 billion, a P/E ratio of 10.62 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.66 by $0.10. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The business had revenue of $511.55 million during the quarter, compared to analyst estimates of $492.00 million. During the same quarter last year, the business earned $0.67 earnings per share. Columbia Banking System’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, 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 disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, August 29th. This represents a $1.44 annualized dividend and a yield of 5.4%. Columbia Banking System’s dividend payout ratio (DPR) is 57.14%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COLB. Piper Sandler increased their price objective on shares of Columbia Banking System from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday. Jefferies Financial Group began coverage on shares of Columbia Banking System in a research report on Wednesday, May 21st. They set a “hold” rating and a $27.00 target price for the company. Citigroup restated a “neutral” rating and set a $26.00 target price (up previously from $22.00) on shares of Columbia Banking System in a research report on Monday, July 28th. Stephens upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 target price for the company in a research report on Monday, August 4th. Finally, Zacks Research upgraded shares of Columbia Banking System to a “strong-buy” rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $29.07.

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.