Sterling Capital Management LLC Sells 19,713 Shares of Columbia Banking System, Inc. $COLB

Sterling Capital Management LLC decreased its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 11.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 152,949 shares of the financial services provider’s stock after selling 19,713 shares during the period. Sterling Capital Management LLC owned 0.05% of Columbia Banking System worth $4,195,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Louisiana State Employees Retirement System purchased a new position in shares of Columbia Banking System in the 1st quarter worth approximately $2,351,000. MBM Wealth Consultants LLC purchased a new stake in shares of Columbia Banking System during the first quarter valued at approximately $49,000. Hilton Head Capital Partners LLC lifted its holdings in Columbia Banking System by 25.8% during the first quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 399 shares during the period. Apella Capital LLC bought a new stake in Columbia Banking System during the first quarter worth $207,000. Finally, SG Americas Securities LLC boosted its position in Columbia Banking System by 156.5% in the first quarter. SG Americas Securities LLC now owns 66,727 shares of the financial services provider’s stock worth $1,830,000 after purchasing an additional 40,708 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

Shares of COLB opened at $32.15 on Friday. Columbia Banking System, Inc. has a 52-week low of $22.77 and a 52-week high of $32.70. The stock’s 50-day simple moving average is $29.85 and its 200 day simple moving average is $29.20. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 12.81 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The business had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. During the same quarter in the previous year, the firm earned $0.67 EPS. The company’s quarterly revenue was up 37.9% compared to the same quarter last year. On average, research analysts forecast that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.6%. Columbia Banking System’s payout ratio is currently 58.96%.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings raised Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. UBS Group began coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target on the stock. Barclays reduced their price target on shares of Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 7th. JPMorgan Chase & Co. decreased their price objective on shares of Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Finally, Piper Sandler boosted their target price on shares of Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $32.12.

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.