LPL Financial LLC Has $2.61 Million Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

LPL Financial LLC grew its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 29.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 96,670 shares of the financial services provider's stock after acquiring an additional 21,713 shares during the quarter. LPL Financial LLC's holdings in Columbia Banking System were worth $2,611,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its holdings in shares of Columbia Banking System by 3.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 122,274 shares of the financial services provider's stock worth $3,303,000 after acquiring an additional 4,408 shares during the period. Pacer Advisors Inc. lifted its stake in Columbia Banking System by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 31,238 shares of the financial services provider's stock worth $844,000 after purchasing an additional 612 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Columbia Banking System in the 3rd quarter valued at $288,000. William Blair Investment Management LLC increased its stake in shares of Columbia Banking System by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 1,774,443 shares of the financial services provider's stock valued at $47,928,000 after purchasing an additional 42,527 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Columbia Banking System by 82.0% during the 4th quarter. Nordea Investment Management AB now owns 391,286 shares of the financial services provider's stock worth $10,592,000 after buying an additional 176,334 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Columbia Banking System Price Performance

NASDAQ COLB traded up $0.50 during mid-day trading on Tuesday, reaching $21.92. 1,210,448 shares of the stock were exchanged, compared to its average volume of 1,781,799. The stock has a market cap of $4.61 billion, a P/E ratio of 8.63 and a beta of 0.53. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $32.85. The stock has a 50 day simple moving average of $24.85 and a 200-day simple moving average of $27.18.

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

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.57%. The ex-dividend date of this dividend was Friday, February 28th. Columbia Banking System's payout ratio is 56.69%.

Insider Transactions at Columbia Banking System

In other news, VP Torran B. Nixon sold 4,481 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total value of $116,461.19. Following the completion of the sale, the vice president now directly owns 104,869 shares in the company, valued at $2,725,545.31. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

COLB has been the subject of several research analyst reports. Stephens lowered their target price on Columbia Banking System from $33.00 to $31.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 28th. Barclays lowered their price objective on shares of Columbia Banking System from $33.00 to $27.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on shares of Columbia Banking System from $32.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. UBS Group assumed coverage on shares of Columbia Banking System in a report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price target for the company. Finally, Wells Fargo & Company reduced their price objective on Columbia Banking System from $35.00 to $26.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $30.00.

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.