Key Points
- Columbia Banking System CMO Devine David Moore sold 3,872 shares on June 8 at an average price of $29.77, totaling about $115,269. After the transaction, he still held 18,636 shares, a 17.2% reduction in his position.
- The stock was trading modestly higher at about $30.32, up 0.6% on the day, with the company carrying a market cap of $8.78 billion and a 4.9% dividend yield.
- Recent fundamentals were solid: Columbia Banking System beat first-quarter EPS estimates with $0.72 per share, and analysts currently rate the stock a consensus “Hold” with an average price target of $32.13.
Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total value 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 trade represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Columbia Banking System Trading Up 0.6%
Shares of COLB opened at $30.32 on Thursday. The company has a market cap of $8.78 billion, a PE ratio of 12.08 and a beta of 0.63. The stock has a 50-day moving average price of $29.22 and a 200-day moving average price of $28.95. Columbia Banking System, Inc. has a 12-month low of $21.91 and a 12-month high of $32.70.
Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.04. The company had revenue of $675.00 million during the quarter, compared to the consensus estimate of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.Columbia Banking System's quarterly revenue was up 37.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. As a group, analysts predict that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.
Columbia Banking System Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be given a $0.37 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. Columbia Banking System's payout ratio is presently 58.96%.
Analysts Set New Price Targets
A number of analysts recently weighed in on COLB shares. UBS Group started coverage on Columbia Banking System in a research report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 target price for 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. Wells Fargo & Company boosted their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Monday, March 30th. Piper Sandler boosted their target price on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Finally, Barclays decreased their price target on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.13.
Check Out Our Latest Analysis on Columbia Banking System
Hedge Funds Weigh In On Columbia Banking System
A number of large investors have recently bought and sold shares of the stock. Henshaw Capital LLC increased its stake in Columbia Banking System by 1.4% in the 1st quarter. Henshaw Capital LLC now owns 34,805 shares of the financial services provider's stock worth $955,000 after purchasing an additional 477 shares during the period. Carlson Capital L.P. purchased a new position in Columbia Banking System in the 1st quarter worth approximately $1,824,000. Glenmede Trust Co. NA increased its stake in Columbia Banking System by 6.3% in the 1st quarter. Glenmede Trust Co. NA now owns 80,393 shares of the financial services provider's stock worth $2,205,000 after purchasing an additional 4,735 shares during the period. Access Investment Management LLC purchased a new position in Columbia Banking System in the 1st quarter worth approximately $2,079,000. Finally, Arete Wealth Advisors LLC purchased a new position in Columbia Banking System in the 1st quarter worth approximately $396,000. 92.53% of the stock is owned by hedge funds and other institutional investors.
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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