Columbia Banking System, Inc. (NASDAQ:COLB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,530,499 shares of the financial services provider's stock after selling 24,745 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.73% of Columbia Banking System worth $39,961,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Picton Mahoney Asset Management purchased a new stake in shares of Columbia Banking System during the 2nd quarter valued at about $33,000. Abich Financial Wealth Management LLC lifted its position in shares of Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider's stock worth $43,000 after purchasing an additional 1,020 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider's stock worth $47,000 after purchasing an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Columbia Banking System by 111.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC grew its holdings in Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider's stock valued at $82,000 after purchasing an additional 4,115 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Truist Financial boosted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, October 28th. Raymond James raised their price objective on Columbia Banking System from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their price objective 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. Wells Fargo & Company increased their target price on Columbia Banking System from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Friday, October 25th. Finally, Wedbush lifted their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, October 25th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and an average target price of $27.12.

Columbia Banking System Trading Down 0.8 %

NASDAQ COLB traded down $0.25 during trading hours on Friday, reaching $31.01. The company's stock had a trading volume of 664,921 shares, compared to its average volume of 2,223,452. The stock has a market cap of $6.50 billion, a PE ratio of 13.69 and a beta of 0.62. The business has a 50-day simple moving average of $28.30 and a 200 day simple moving average of $24.11. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week 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 analysts' consensus estimates of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The business had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. During the same quarter in the previous year, the firm posted $0.79 EPS. As a group, equities analysts predict that Columbia Banking System, Inc. will post 2.63 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, November 29th. This represents a $1.44 annualized dividend and a dividend yield of 4.64%. Columbia Banking System's dividend payout ratio is currently 62.34%.

Columbia Banking System 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.