Principal Financial Group Inc. Grows Holdings in Columbia Banking System, Inc. $COLB

Principal Financial Group Inc. increased its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 39.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 664,110 shares of the financial services provider’s stock after acquiring an additional 187,551 shares during the quarter. Principal Financial Group Inc. owned about 0.32% of Columbia Banking System worth $17,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. True Wealth Design LLC grew its holdings in Columbia Banking System by 612.8% in the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 864 shares during the period. West Oak Capital LLC bought a new stake in shares of Columbia Banking System in the 3rd quarter worth approximately $28,000. Quent Capital LLC purchased a new stake in shares of Columbia Banking System in the 3rd quarter worth approximately $29,000. Geneos Wealth Management Inc. increased its position in Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after buying an additional 794 shares in the last quarter. Finally, First Horizon Corp bought a new position in Columbia Banking System during the 3rd quarter valued at approximately $31,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Columbia Banking System

In other news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.68% of the company’s stock.

Columbia Banking System Price Performance

NASDAQ COLB opened at $32.42 on Tuesday. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of 14.35 and a beta of 0.61. Columbia Banking System, Inc. has a 1-year low of $19.61 and a 1-year high of $32.70. The business’s fifty day moving average price is $29.03 and its 200-day moving average price is $27.09.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The company had revenue of $715.00 million during 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 quarter in the prior year, the business earned $0.71 earnings per share. Equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.48 annualized dividend and a yield of 4.6%. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.36. Columbia Banking System’s payout ratio is currently 65.49%.

Analyst Upgrades and Downgrades

COLB has been the topic of a number of recent research reports. UBS Group reissued a “neutral” rating and issued a $33.00 target price on shares of Columbia Banking System in a research note on Wednesday, February 4th. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Barclays increased their price target 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. DA Davidson boosted their price objective on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Finally, Stephens increased their target price on Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.88.

About Columbia Banking System

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.