Cooke & Bieler LP Sells 43,968 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Cooke & Bieler LP cut its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 2.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,115,334 shares of the financial services provider's stock after selling 43,968 shares during the period. Cooke & Bieler LP owned about 1.01% of Columbia Banking System worth $42,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of COLB. Picton Mahoney Asset Management purchased a new position in shares of Columbia Banking System in the second quarter worth about $33,000. Fifth Third Bancorp lifted its holdings in Columbia Banking System by 113.4% during the 1st quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider's stock worth $38,000 after buying an additional 1,047 shares during the last quarter. Abich Financial Wealth Management LLC raised its stake in Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider's stock worth $43,000 after acquiring an additional 1,020 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Columbia Banking System by 144.0% in the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 1,387 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 1,380 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Royal Bank of Canada increased their price objective on Columbia Banking System from $21.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a "market perform" rating in a research note on Friday, July 26th. JPMorgan Chase & Co. raised their price target on Columbia Banking System from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 30th. Truist Financial raised their target price on shares of Columbia Banking System from $20.00 to $29.00 and gave the stock a "hold" rating in a research report on Monday, July 29th. Finally, Piper Sandler restated an "overweight" rating and set a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Columbia Banking System currently has an average rating of "Hold" and an average price target of $25.04.

Columbia Banking System Stock Down 1.7 %

Shares of COLB traded down $0.43 during trading hours on Wednesday, reaching $24.24. 1,355,477 shares of the company traded hands, compared to its average volume of 2,412,174. 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 $5.08 billion, a price-to-earnings ratio of 10.59 and a beta of 0.65. The company's fifty day moving average price is $23.06 and its two-hundred day moving average price is $20.34.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.10. The firm had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The company's quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. On average, analysts expect that Columbia Banking System, Inc. will post 2.55 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Friday, August 23rd will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date of this dividend 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.