Columbia Banking System, Inc. (NASDAQ:COLB) Shares Sold by Cooke & Bieler LP

Cooke & Bieler LP trimmed its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 1.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,210,237 shares of the financial services provider’s stock after selling 22,565 shares during the period. Cooke & Bieler LP owned 1.06% of Columbia Banking System worth $58,969,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of COLB. Northwestern Mutual Wealth Management Co. acquired a new stake in Columbia Banking System during the fourth quarter worth about $32,000. EverSource Wealth Advisors LLC increased its position in Columbia Banking System by 1,506.8% during the third quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,326 shares during the last quarter. First Pacific Financial acquired a new stake in Columbia Banking System during the fourth quarter worth about $40,000. Nomura Asset Management Co. Ltd. increased its position in Columbia Banking System by 152.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 1,589 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 959 shares during the last quarter. Finally, Covestor Ltd increased its position in Columbia Banking System by 178.9% during the first quarter. Covestor Ltd now owns 2,421 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 1,553 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $18.31 on Friday. The firm has a market capitalization of $3.83 billion, a PE ratio of 11.10 and a beta of 0.71. The firm’s 50-day moving average is $18.49 and its two-hundred day moving average is $21.17. Columbia Banking System, Inc. has a 1 year low of $17.08 and a 1 year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The business had revenue of $519.16 million for the quarter, compared to analysts’ expectations of $525.94 million. During the same quarter last year, the company earned $0.93 earnings per share. The firm’s revenue for the quarter was up 52.5% on a year-over-year basis. Analysts expect that Columbia Banking System, Inc. will post 2.25 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.86%. The ex-dividend date was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio is presently 87.27%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on COLB shares. Wells Fargo & Company cut their price objective on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 10th. DA Davidson reduced their price target on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their price objective on shares of Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, April 5th. Piper Sandler cut their target price on Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. Finally, Royal Bank of Canada decreased their price target on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.42.

Insider Transactions at Columbia Banking System

In related news, CEO Clint Stein acquired 9,500 shares of the stock in a transaction dated Tuesday, January 30th. The stock was acquired at an average cost of $20.96 per share, with a total value of $199,120.00. Following the completion of the transaction, the chief executive officer now owns 165,684 shares in the company, valued at approximately $3,472,736.64. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Clint Stein acquired 9,500 shares of the stock in a transaction dated Tuesday, January 30th. The stock was acquired at an average cost of $20.96 per share, with a total value of $199,120.00. Following the completion of the transaction, the chief executive officer now owns 165,684 shares in the company, valued at approximately $3,472,736.64. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the stock in a transaction dated Tuesday, February 6th. The shares were bought at an average cost of $18.48 per share, with a total value of $49,618.80. Following the completion of the transaction, the director now owns 25,001 shares of the company’s stock, valued at approximately $462,018.48. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 35,133 shares of company stock valued at $719,737. 0.62% of the stock is currently owned by corporate insiders.

Columbia Banking System Company 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.