Zurcher Kantonalbank Zurich Cantonalbank Acquires 2,129 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,395 shares of the financial services provider’s stock after buying an additional 2,129 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Columbia Banking System were worth $1,238,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sippican Capital Advisors acquired a new position in shares of Columbia Banking System in the fourth quarter valued at $822,000. Mackenzie Financial Corp bought a new stake in Columbia Banking System during the fourth quarter worth about $482,000. Vontobel Holding Ltd. bought a new stake in Columbia Banking System during the fourth quarter worth about $377,000. Lecap Asset Management Ltd. bought a new position in shares of Columbia Banking System in the fourth quarter worth about $230,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of Columbia Banking System in the fourth quarter worth about $1,563,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Columbia Banking System

In related news, VP Christopher Merrywell bought 5,000 shares of Columbia Banking System stock in a transaction on Tuesday, January 30th. The stock was acquired at an average price of $21.09 per share, with a total value of $105,450.00. Following the acquisition, the vice president now directly owns 50,727 shares of the company’s stock, valued at $1,069,832.43. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Aaron James Deer bought 2,000 shares of Columbia Banking System stock in a transaction on Thursday, February 1st. The stock was acquired at an average price of $19.32 per share, with a total value of $38,640.00. Following the acquisition, the insider now directly owns 36,850 shares of the company’s stock, valued at $711,942. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Christopher Merrywell bought 5,000 shares of Columbia Banking System stock in a transaction on Tuesday, January 30th. The shares were bought at an average cost of $21.09 per share, with a total value of $105,450.00. Following the acquisition, the vice president now directly owns 50,727 shares in the company, valued at $1,069,832.43. The disclosure for this purchase can be found here. Insiders purchased 35,133 shares of company stock valued at $719,737 in the last quarter. 0.62% of the stock is currently owned by corporate insiders.

Columbia Banking System Price Performance

NASDAQ COLB opened at $19.12 on Friday. The business’s fifty day moving average is $18.51 and its 200-day moving average is $21.14. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 11.59 and a beta of 0.71.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.12. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The company had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. During the same quarter last year, the firm posted $0.46 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Research 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 announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 7.53%. The ex-dividend date was Thursday, February 22nd. Columbia Banking System’s payout ratio is presently 87.27%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on COLB shares. Stephens lowered shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $31.00 to $24.00 in a report on Thursday, January 25th. Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price objective for the company. in a research report on Thursday, January 25th. Royal Bank of Canada cut their target price on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 9th. Wedbush reiterated a “neutral” rating and issued a $20.00 target price on shares of Columbia Banking System in a report on Friday. Finally, Truist Financial dropped their price objective on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $22.19.

About Columbia Banking System

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.