Rhumbline Advisers Increases Stock Holdings in Columbia Banking System, Inc. $COLB

Rhumbline Advisers increased its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 38.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 790,974 shares of the financial services provider’s stock after buying an additional 219,027 shares during the period. Rhumbline Advisers owned about 0.38% of Columbia Banking System worth $20,360,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC raised its position in Columbia Banking System by 612.8% during the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 864 shares during the last quarter. West Oak Capital LLC purchased a new position in shares of Columbia Banking System during the 3rd quarter worth approximately $28,000. Quent Capital LLC acquired a new position in shares of Columbia Banking System during the 3rd quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its stake in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after buying an additional 794 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in Columbia Banking System during the 3rd quarter valued at $31,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Stock Up 0.8%

COLB stock opened at $31.49 on Tuesday. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 13.93 and a beta of 0.61. The business has a fifty day simple moving average of $29.37 and a 200-day simple moving average of $27.34. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $32.70.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The firm had revenue of $715.00 million for the quarter, compared to analysts’ expectations of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same quarter last year, the firm earned $0.71 earnings per share. As a group, analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

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

Insiders Place Their Bets

In other Columbia Banking System news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.68% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. UBS Group reissued a “neutral” rating and issued a $33.00 price target on shares of Columbia Banking System in a report on Wednesday, February 4th. Citigroup upped their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, January 26th. Royal Bank Of Canada lifted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. upped 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 note on Tuesday, December 16th. Finally, Piper Sandler raised their target price on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a research 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.88.

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.