Columbia Banking System, Inc. (NASDAQ:COLB) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,299,500 shares of the financial services provider's stock after selling 282,805 shares during the quarter. Franklin Resources Inc. owned approximately 3.48% of Columbia Banking System worth $198,254,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Columbia Banking System by 2.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,109,253 shares of the financial services provider's stock worth $185,623,000 after purchasing an additional 178,327 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Columbia Banking System by 31.9% during the 3rd quarter. Wellington Management Group LLP now owns 6,659,255 shares of the financial services provider's stock valued at $173,873,000 after buying an additional 1,611,563 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Columbia Banking System by 6.7% during the 2nd quarter. American Century Companies Inc. now owns 6,191,704 shares of the financial services provider's stock valued at $123,153,000 after buying an additional 386,751 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Columbia Banking System by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider's stock valued at $93,851,000 after purchasing an additional 23,963 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Columbia Banking System by 812.2% in 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 in the last quarter. Institutional investors own 92.53% of the company's stock.

Analyst Upgrades and Downgrades

COLB has been the topic of several research analyst reports. Truist Financial lifted their price objective on Columbia Banking System from $28.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, October 28th. StockNews.com upgraded Columbia Banking System from a "sell" rating to a "hold" rating in a report on Saturday, October 5th. JPMorgan Chase & Co. cut their target price on Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Raymond James boosted their target price on Columbia Banking System from $26.00 to $28.00 and gave the company an "outperform" rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their price objective on Columbia Banking System from $30.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Columbia Banking System currently has a consensus rating of "Hold" and a consensus price target of $28.19.

Columbia Banking System Stock Performance

NASDAQ COLB traded down $0.23 during trading hours on Friday, hitting $29.37. The company had a trading volume of 1,296,523 shares, compared to its average volume of 2,185,421. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $32.85. The company has a market cap of $6.15 billion, a PE ratio of 12.71 and a beta of 0.64. The business has a 50 day moving average of $29.27 and a 200-day moving average of $24.94.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.07. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. The business had revenue of $765.06 million during the quarter, compared to the consensus estimate of $478.80 million. During the same quarter in the prior year, the firm earned $0.79 earnings per share. Sell-side analysts expect that Columbia Banking System, Inc. will post 2.63 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.44 annualized dividend and a dividend yield of 4.90%. Columbia Banking System's dividend payout ratio (DPR) is 62.34%.

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.