Key Points
- Columbia VP Torran Nixon sold 2,240 shares on March 4 at an average price of $28.85 for about $64,624, reducing his stake by 2.23% to 98,229 shares, as disclosed in an SEC Form 4 filing.
- The company declared a quarterly dividend of $0.37 per share (ex-dividend Feb 27, payable Mar 16), equal to a $1.48 annualized payout and a 5.5% yield with a payout ratio of 65.49%.
- Columbia beat quarterly expectations with EPS of $0.82 versus $0.72 expected and revenue of $715M versus $693M expected; analysts maintain a consensus "Hold" rating with a $32.04 price target and mean EPS estimate of $2.71 for the fiscal year.
Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) VP Torran Nixon sold 2,241 shares of the business's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total value of $63,308.25. Following the transaction, the vice president owned 100,469 shares of the company's stock, valued at $2,838,249.25. This trade represents a 2.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Columbia Banking System Stock Down 3.1%
COLB traded down $0.86 during trading on Friday, reaching $27.14. The stock had a trading volume of 1,217,646 shares, compared to its average volume of 2,877,311. Columbia Banking System, Inc. has a 1-year low of $19.61 and a 1-year high of $32.70. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 12.01 and a beta of 0.60. The stock has a 50 day moving average of $29.66 and a two-hundred day moving average of $27.79.
Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The company had revenue of $715.00 million for the quarter, compared to analysts' expectations of $693.23 million. During the same quarter in the previous year, the company posted $0.71 EPS. On average, research analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.
Columbia Banking System Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 5.5%. Columbia Banking System's dividend payout ratio is currently 65.49%.
Hedge Funds Weigh In On Columbia Banking System
A number of hedge funds have recently modified their holdings of COLB. Principal Financial Group Inc. raised its holdings in Columbia Banking System by 39.4% in the 3rd quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider's stock worth $17,094,000 after acquiring an additional 187,551 shares during the period. Bank of New York Mellon Corp grew its position in shares of Columbia Banking System by 145.3% in the third quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider's stock valued at $180,671,000 after purchasing an additional 4,157,835 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Columbia Banking System in the second quarter worth about $2,187,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Columbia Banking System by 45.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider's stock worth $7,179,000 after purchasing an additional 87,627 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Columbia Banking System by 25.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider's stock worth $192,941,000 after purchasing an additional 1,497,177 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. Citigroup boosted their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. Stephens boosted their price objective on Columbia Banking System from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Friday, January 23rd. Wall Street Zen raised shares of Columbia Banking System to a "hold" rating in a research note on Saturday, December 27th. DA Davidson lifted their target price on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a "neutral" rating in a research report on Friday, January 23rd. Finally, UBS Group restated a "neutral" rating and issued a $33.00 price target on shares of Columbia Banking System in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $32.04.
Check Out Our Latest Report on COLB
About Columbia Banking System
(
Get Free Report)
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.
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