Raymond James & Associates Sells 111,131 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Raymond James & Associates reduced its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 23.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 369,392 shares of the financial services provider's stock after selling 111,131 shares during the quarter. Raymond James & Associates owned approximately 0.18% of Columbia Banking System worth $7,347,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in COLB. Quadrant Capital Group LLC increased its position in Columbia Banking System by 17.8% during the fourth quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider's stock worth $105,000 after buying an additional 595 shares during the period. Retirement Systems of Alabama lifted its stake in shares of Columbia Banking System by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider's stock worth $5,068,000 after purchasing an additional 700 shares during the period. Essex Financial Services Inc. boosted its holdings in Columbia Banking System by 3.8% in the first quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider's stock valued at $379,000 after acquiring an additional 725 shares during the last quarter. Treasurer of the State of North Carolina increased its position in shares of Columbia Banking System by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider's stock worth $2,460,000 after acquiring an additional 900 shares in the last quarter. Finally, Abich Financial Wealth Management LLC lifted its stake 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. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Piper Sandler reissued an "overweight" rating and issued a $27.00 price target on shares of Columbia Banking System in a report on Wednesday, June 5th. StockNews.com raised Columbia Banking System from a "sell" rating to a "hold" rating in a research note on Wednesday, August 14th. Truist Financial raised their price target on Columbia Banking System from $20.00 to $29.00 and gave the company a "hold" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a "market perform" rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a "neutral" rating in a report on Tuesday, July 30th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Columbia Banking System has a consensus rating of "Hold" and an average price target of $25.04.

Columbia Banking System Stock Up 0.4 %

COLB stock traded up $0.11 during trading hours on Wednesday, hitting $24.84. The company's stock had a trading volume of 1,651,422 shares, compared to its average volume of 2,432,836. The stock has a 50 day moving average price of $22.43 and a two-hundred day moving average price of $20.12. Columbia Banking System, Inc. has a 12 month low of $17.08 and a 12 month high of $28.11. The company has a market capitalization of $5.20 billion, a PE ratio of 10.61 and a beta of 0.65.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.10. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm had revenue of $472.15 million during the quarter, compared to analysts' expectations of $476.01 million. During the same period in the prior year, the company posted $0.81 earnings per share. Columbia Banking System's revenue for the quarter was down 9.8% on a year-over-year basis. Sell-side analysts expect that Columbia Banking System, Inc. will post 2.51 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Friday, August 23rd will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.80%. The ex-dividend date is Friday, August 23rd. Columbia Banking System's payout ratio is 61.80%.

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.