Allworth Financial LP Increases Holdings in Columbia Banking System, Inc. $COLB

Allworth Financial LP boosted its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 3.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 199,213 shares of the financial services provider’s stock after purchasing an additional 6,465 shares during the quarter. Allworth Financial LP owned about 0.09% of Columbia Banking System worth $4,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in COLB. JPMorgan Chase & Co. raised its holdings in shares of Columbia Banking System by 221.3% in the first quarter. JPMorgan Chase & Co. now owns 5,947,950 shares of the financial services provider’s stock valued at $148,342,000 after acquiring an additional 4,096,733 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Columbia Banking System by 18.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider’s stock valued at $162,791,000 after purchasing an additional 1,012,796 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Columbia Banking System by 528.4% in the 1st quarter. MetLife Investment Management LLC now owns 742,107 shares of the financial services provider’s stock worth $18,508,000 after purchasing an additional 624,011 shares during the period. LSV Asset Management boosted its stake in shares of Columbia Banking System by 81.5% during the first quarter. LSV Asset Management now owns 1,331,143 shares of the financial services provider’s stock valued at $33,199,000 after purchasing an additional 597,710 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Columbia Banking System during the first quarter valued at approximately $12,588,000. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Trading Down 0.8%

Shares of COLB opened at $26.90 on Wednesday. Columbia Banking System, Inc. has a 12-month low of $19.61 and a 12-month high of $32.85. The firm has a market capitalization of $5.66 billion, a P/E ratio of 10.67 and a beta of 0.67. The firm has a 50-day moving average price of $26.08 and a 200 day moving average price of $24.93.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The company had revenue of $348.47 million for the quarter. Equities research 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.4%. The ex-dividend date was Friday, August 29th. Columbia Banking System’s dividend payout ratio is presently 64.86%.

Analyst Ratings Changes

COLB has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Columbia Banking System in a research report on Tuesday, October 14th. Piper Sandler set a $33.00 price objective on shares of Columbia Banking System in a research note on Monday, November 3rd. Stephens raised Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 price target for the company in a report on Monday, August 4th. Cowen initiated coverage on Columbia Banking System in a report on Wednesday, September 24th. They issued a “hold” rating for the company. Finally, Royal Bank Of Canada increased their target price on Columbia Banking System from $27.00 to $28.00 and gave the company a “sector perform” rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Columbia Banking System currently has a consensus rating of “Hold” and a consensus target price of $29.38.

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.