Columbia Banking System, Inc. $COLB Shares Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS grew its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 7.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,719 shares of the financial services provider’s stock after purchasing an additional 3,100 shares during the period. KLP Kapitalforvaltning AS’s holdings in Columbia Banking System were worth $1,022,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. increased its holdings in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Columbia Banking System in the first quarter valued at about $37,000. Financial Harvest LLC acquired a new position in shares of Columbia Banking System in the first quarter valued at about $53,000. UMB Bank n.a. increased its holdings in shares of Columbia Banking System by 38.1% in the second quarter. UMB Bank n.a. now owns 2,259 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 623 shares during the period. Finally, Parallel Advisors LLC increased its holdings in shares of Columbia Banking System by 41.4% in the second quarter. Parallel Advisors LLC now owns 2,679 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 785 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $26.14 on Thursday. The business has a 50 day simple moving average of $26.07 and a two-hundred day simple moving average of $24.39. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.85. The stock has a market capitalization of $5.50 billion, a P/E ratio of 10.37 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Monday, March 4th. The financial services provider reported $0.76 EPS for the quarter. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%.The business had revenue of $348.47 million during the quarter. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend was Friday, August 29th. Columbia Banking System’s dividend payout ratio (DPR) is currently 57.14%.

Analysts Set New Price Targets

COLB has been the topic of a number of research reports. Piper Sandler increased their price objective on Columbia Banking System from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Raymond James Financial upgraded Columbia Banking System from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $27.00 to $31.00 in a research note on Monday, September 15th. Keefe, Bruyette & Woods upgraded Columbia Banking System from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $30.00 to $31.00 in a research note on Friday, October 10th. Wells Fargo & Company upped their target price on Columbia Banking System from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 29th. Finally, Cowen initiated coverage on Columbia Banking System in a research note on Wednesday, September 24th. They issued a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $29.33.

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.