Envestnet Asset Management Inc. Buys 435,692 Shares of Columbia Banking System, Inc. $COLB

Envestnet Asset Management Inc. boosted its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 220.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 633,379 shares of the financial services provider’s stock after buying an additional 435,692 shares during the period. Envestnet Asset Management Inc. owned 0.30% of Columbia Banking System worth $16,303,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in COLB. Principal Financial Group Inc. grew its position in shares of Columbia Banking System by 39.4% in the 3rd quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider’s stock worth $17,094,000 after buying an additional 187,551 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Columbia Banking System by 145.3% in the third 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 acquiring an additional 4,157,835 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Columbia Banking System by 45.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider’s stock worth $7,179,000 after purchasing an additional 87,627 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Columbia Banking System in the second quarter worth $2,187,000. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Columbia Banking System by 25.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock worth $192,941,000 after purchasing an additional 1,497,177 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on COLB. TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. JPMorgan Chase & Co. increased their price objective 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 lifted their target price on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Citigroup upped their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, January 26th. Finally, Piper Sandler raised their price target on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.88.

Insider Buying and Selling

In related news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.68% of the stock is owned by corporate insiders.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $31.49 on Monday. The business has a 50 day simple moving average of $29.31 and a 200-day simple moving average of $27.29. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.70. The stock has a market capitalization of $9.42 billion, a PE ratio of 13.93 and a beta of 0.61.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The business had revenue of $715.00 million for the quarter, compared to the consensus estimate of $693.23 million. During the same quarter last year, the business posted $0.71 earnings per share. On average, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a $0.37 dividend. The ex-dividend date is Friday, February 27th. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. Columbia Banking System’s payout ratio is currently 65.49%.

Columbia Banking System 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.