Massachusetts Financial Services Co. MA Acquires 1,497,177 Shares of Columbia Banking System, Inc. $COLB

Massachusetts Financial Services Co. MA increased its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 25.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,495,780 shares of the financial services provider’s stock after buying an additional 1,497,177 shares during the period. Massachusetts Financial Services Co. MA owned 3.56% of Columbia Banking System worth $192,941,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in COLB. State Street Corp raised its holdings in Columbia Banking System by 0.6% in the 2nd quarter. State Street Corp now owns 10,117,111 shares of the financial services provider’s stock valued at $236,538,000 after acquiring an additional 64,096 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Columbia Banking System by 18.3% during the 2nd quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider’s stock worth $209,220,000 after purchasing an additional 1,381,597 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Columbia Banking System by 2.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 7,816,989 shares of the financial services provider’s stock worth $182,761,000 after purchasing an additional 149,718 shares during the period. JPMorgan Chase & Co. raised its stake in Columbia Banking System by 11.1% in the second quarter. JPMorgan Chase & Co. now owns 6,606,146 shares of the financial services provider’s stock valued at $154,452,000 after purchasing an additional 658,196 shares in the last quarter. Finally, HoldCo Asset Management LP bought a new stake in Columbia Banking System during the second quarter worth about $104,819,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $28.91 on Tuesday. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $29.72. The firm has a market capitalization of $8.65 billion, a P/E ratio of 13.02 and a beta of 0.60. The company’s 50 day moving average price is $28.20 and its two-hundred day moving average price is $26.52.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.19. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The company had revenue of $577.00 million during the quarter, compared to the consensus estimate of $565.11 million. During the same period in the prior year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 18.0% compared to the same quarter last year. On average, analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a $0.37 dividend. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 5.1%. The ex-dividend date was Friday, November 28th. Columbia Banking System’s dividend payout ratio is 66.67%.

Analyst Upgrades and Downgrades

COLB has been the topic of several recent analyst reports. Barclays raised their target price on shares of Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, December 19th. UBS Group reiterated a “neutral” rating and set a $30.00 price target on shares of Columbia Banking System in a research report on Tuesday, January 6th. Wall Street Zen upgraded shares of Columbia Banking System to a “hold” rating in a research report on Saturday, December 27th. Citigroup raised their target price on Columbia Banking System from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, Piper Sandler set a $33.00 price target on Columbia Banking System in a research note on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $30.08.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.