Corebridge Financial Inc. Reduces Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Corebridge Financial Inc. reduced its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 237,083 shares of the financial services provider's stock after selling 10,629 shares during the period. Corebridge Financial Inc. owned about 0.11% of Columbia Banking System worth $6,404,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new position in shares of Columbia Banking System in the fourth quarter worth $32,000. Smartleaf Asset Management LLC raised its position in Columbia Banking System by 62.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider's stock worth $55,000 after buying an additional 780 shares during the last quarter. Principal Securities Inc. lifted its stake in Columbia Banking System by 171.3% during the 4th quarter. Principal Securities Inc. now owns 2,127 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 1,343 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Columbia Banking System by 36.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,977 shares of the financial services provider's stock valued at $80,000 after acquiring an additional 801 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Columbia Banking System by 22,244.4% in the fourth quarter. Larson Financial Group LLC now owns 6,033 shares of the financial services provider's stock worth $163,000 after acquiring an additional 6,006 shares during the period. 92.53% of the stock is owned by institutional investors.

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Insider Activity

In related news, VP Torran B. Nixon sold 4,481 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the sale, the vice president now owns 104,869 shares of the company's stock, valued at $2,725,545.31. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.62% of the company's stock.

Columbia Banking System Stock Performance

COLB traded up $0.22 during trading on Wednesday, reaching $24.97. 211,015 shares of the company traded hands, compared to its average volume of 1,769,736. The firm has a fifty day simple moving average of $26.40 and a 200 day simple moving average of $27.54. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $32.85. The company has a market cap of $5.23 billion, a P/E ratio of 9.82 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.65 by $0.06. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. As a group, sell-side analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $0.36 per share. The ex-dividend date was Friday, February 28th. This represents a $1.44 annualized dividend and a dividend yield of 5.77%. Columbia Banking System's dividend payout ratio (DPR) is 56.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on COLB shares. Citigroup dropped their target price on shares of Columbia Banking System from $31.00 to $30.00 and set a "neutral" rating on the stock in a report on Monday, January 27th. JPMorgan Chase & Co. reduced their price objective on Columbia Banking System from $32.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, January 7th. Stephens dropped their target price on Columbia Banking System from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 28th. Wells Fargo & Company raised shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $33.00 to $35.00 in a research report on Monday, January 6th. Finally, Barclays increased their price objective on shares of Columbia Banking System from $29.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $31.25.

About Columbia Banking System

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.