Eagle Asset Management Inc. grew its position in shares of Columbia Banking System Inc (NASDAQ:COLB) by 36.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 274,776 shares of the financial services provider’s stock after buying an additional 73,822 shares during the quarter. Eagle Asset Management Inc. owned 0.38% of Columbia Banking System worth $11,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Columbia Banking System by 253.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 531,305 shares of the financial services provider’s stock valued at $23,081,000 after buying an additional 380,844 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Columbia Banking System by 26.3% during the 4th quarter. Wells Fargo & Company MN now owns 315,884 shares of the financial services provider’s stock valued at $13,722,000 after buying an additional 65,837 shares during the period. First Trust Advisors LP lifted its holdings in shares of Columbia Banking System by 17.3% during the 4th quarter. First Trust Advisors LP now owns 101,568 shares of the financial services provider’s stock valued at $4,412,000 after buying an additional 14,986 shares during the period. BSW Wealth Partners bought a new position in shares of Columbia Banking System during the 4th quarter valued at $1,168,000. Finally, Barings LLC bought a new position in shares of Columbia Banking System during the 4th quarter valued at $302,000. 81.94% of the stock is currently owned by hedge funds and other institutional investors.
In other Columbia Banking System news, CAO Barry Ray sold 750 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $46.87, for a total value of $35,152.50. Following the completion of the sale, the chief accounting officer now owns 11,250 shares in the company, valued at approximately $527,287.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.23% of the stock is currently owned by company insiders.
Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, January 25th. The financial services provider reported $0.54 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.02). Columbia Banking System had a return on equity of 9.14% and a net margin of 23.29%. The company had revenue of $135.40 million during the quarter, compared to the consensus estimate of $135.15 million. During the same period in the prior year, the business posted $0.53 earnings per share. Columbia Banking System’s revenue for the quarter was up 25.3% compared to the same quarter last year. analysts anticipate that Columbia Banking System Inc will post 2.8 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 21st. Investors of record on Wednesday, February 7th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.88 dividend on an annualized basis and a yield of 2.08%. Columbia Banking System’s dividend payout ratio is currently 46.32%.
A number of brokerages recently commented on COLB. BidaskClub cut Columbia Banking System from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 31st. Piper Jaffray Companies set a $52.00 target price on Columbia Banking System and gave the stock a “buy” rating in a report on Tuesday, January 30th. Sandler O’Neill reaffirmed a “hold” rating and issued a $48.00 target price on shares of Columbia Banking System in a report on Friday, January 26th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $46.00 target price on shares of Columbia Banking System in a report on Friday, January 26th. Finally, Zacks Investment Research raised Columbia Banking System from a “sell” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Columbia Banking System presently has a consensus rating of “Hold” and a consensus price target of $48.00.
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About Columbia Banking System
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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