Principle Wealth Partners LLC Invests $230,000 in Columbia Banking System, Inc. (NASDAQ:COLB)

Principle Wealth Partners LLC acquired a new position in Columbia Banking System, Inc. (NASDAQ:COLB) in the 4th quarter, Holdings Channel.com reports. The firm acquired 8,604 shares of the financial services provider’s stock, valued at approximately $230,000.

A number of other large investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its holdings 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 position in Columbia Banking System in the fourth quarter valued at $40,000. Headlands Technologies LLC acquired a new position in shares of Columbia Banking System during the 4th quarter valued at about $42,000. GAMMA Investing LLC purchased a new position in Columbia Banking System during the fourth quarter worth approximately $48,000. Finally, Cerity Partners LLC purchased a new position in shares of Columbia Banking System in the 4th quarter worth $59,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Down 0.8 %

Shares of COLB opened at $18.97 on Tuesday. The business’s 50 day moving average is $18.52 and its two-hundred day moving average is $21.15. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 8.14 and a beta of 0.71.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.53 by $0.12. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. During the same period in the previous year, the business posted $0.46 EPS. The company’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities analysts expect that Columbia Banking System, Inc. will post 2.25 earnings per share 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. Investors of record on Friday, February 23rd were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.59%. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Analysts Set New Price Targets

Several research firms recently commented on COLB. Stephens lowered shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $31.00 to $24.00 in a report on Thursday, January 25th. Wells Fargo & Company cut their target price on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Truist Financial decreased their price target on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, April 1st. DA Davidson cut their price objective on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Finally, Barclays upped their target price on Columbia Banking System from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and a consensus target price of $22.19.

Insider Buying and Selling at Columbia Banking System

In other news, Director Luis Machuca bought 4,889 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were purchased at an average price of $20.58 per share, with a total value of $100,615.62. Following the completion of the acquisition, the director now directly owns 60,835 shares in the company, valued at $1,251,984.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Columbia Banking System news, Director Luis Machuca purchased 4,889 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were purchased at an average cost of $20.58 per share, for a total transaction of $100,615.62. Following the completion of the transaction, the director now owns 60,835 shares in the company, valued at $1,251,984.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth Whitehead Seaton bought 2,685 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, with a total value of $49,618.80. Following the completion of the purchase, the director now owns 25,001 shares of the company’s stock, valued at $462,018.48. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 9,574 shares of company stock valued at $188,874. Company insiders own 0.59% of the company’s stock.

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.