Savant Capital LLC Raises Stock Position in Columbia Banking System, Inc. $COLB

Savant Capital LLC grew its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 78.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,234 shares of the financial services provider’s stock after buying an additional 30,537 shares during the period. Savant Capital LLC’s holdings in Columbia Banking System were worth $1,782,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. HoldCo Asset Management LP purchased a new position in Columbia Banking System in the second quarter worth approximately $104,819,000. Bank of New York Mellon Corp lifted its stake in shares of Columbia Banking System by 145.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider’s stock valued at $180,671,000 after purchasing an additional 4,157,835 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Columbia Banking System by 25.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock valued at $192,941,000 after purchasing an additional 1,497,177 shares during 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 during the period. Finally, Norges Bank acquired a new stake in shares of Columbia Banking System during the 2nd quarter worth about $23,813,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

Insider Activity at Columbia Banking System

In related news, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Columbia Banking System Stock Up 2.7%

Shares of COLB stock opened at $32.07 on Monday. The firm has a 50 day moving average of $28.94 and a two-hundred day moving average of $27.02. The stock has a market capitalization of $9.59 billion, a PE ratio of 14.19 and a beta of 0.61. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $32.23.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.10. The business had revenue of $715.00 million for the quarter, compared to analysts’ expectations of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same period last year, the firm earned $0.71 earnings per share. Analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Friday, November 28th. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s dividend payout ratio (DPR) is 65.49%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. DA Davidson boosted their price target on shares of Columbia Banking System from $30.00 to $32.50 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Piper Sandler increased their price objective on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Finally, Barclays upped their price target on Columbia Banking System from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and an average price target of $31.88.

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.