Wellington Management Group LLP Has $173.87 Million Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Wellington Management Group LLP boosted its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 31.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,659,255 shares of the financial services provider's stock after buying an additional 1,611,563 shares during the period. Wellington Management Group LLP owned approximately 3.18% of Columbia Banking System worth $173,873,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Columbia Banking System by 812.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider's stock valued at $63,295,000 after purchasing an additional 2,833,744 shares during the period. Basswood Capital Management L.L.C. acquired a new position in Columbia Banking System in the 3rd quarter valued at approximately $26,593,000. Holocene Advisors LP raised its holdings in Columbia Banking System by 1,001.8% in the 3rd quarter. Holocene Advisors LP now owns 962,330 shares of the financial services provider's stock valued at $25,126,000 after acquiring an additional 874,986 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Columbia Banking System by 33.1% in the 3rd quarter. Janus Henderson Group PLC now owns 2,263,432 shares of the financial services provider's stock valued at $59,099,000 after acquiring an additional 562,467 shares in the last quarter. Finally, LSV Asset Management raised its holdings in Columbia Banking System by 333.8% in the 2nd quarter. LSV Asset Management now owns 639,042 shares of the financial services provider's stock valued at $12,711,000 after acquiring an additional 491,742 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Trading Down 1.1 %

NASDAQ:COLB traded down $0.34 on Monday, hitting $29.85. The company's stock had a trading volume of 1,203,993 shares, compared to its average volume of 2,199,290. The stock has a fifty day moving average of $28.86 and a two-hundred day moving average of $24.60. The firm has a market capitalization of $6.25 billion, a P/E ratio of 13.07 and a beta of 0.64. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.07. The firm had revenue of $765.06 million for the quarter, compared to analyst estimates of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same quarter in the prior year, the company earned $0.79 earnings per share. As a group, sell-side analysts anticipate that Columbia Banking System, Inc. will post 2.63 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend is Friday, November 29th. Columbia Banking System's payout ratio is 62.34%.

Analysts Set New Price Targets

COLB has been the subject of several recent research reports. Raymond James upped their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, October 2nd. Barclays lifted their price objective on Columbia Banking System from $29.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday. Wells Fargo & Company boosted their target price on Columbia Banking System from $30.00 to $33.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. cut their price target on Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. Finally, Truist Financial upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, October 28th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $28.19.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.