Wolverine Asset Management LLC Purchases New Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Wolverine Asset Management LLC purchased a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 21,717 shares of the financial services provider's stock, valued at approximately $432,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider's stock valued at $432,041,000 after acquiring an additional 574,509 shares in the last quarter. Franklin Resources Inc. increased its position in Columbia Banking System by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider's stock valued at $207,809,000 after purchasing an additional 700,643 shares during the period. Bank of New York Mellon Corp raised its holdings in 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 worth $93,851,000 after purchasing an additional 23,963 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Columbia Banking System by 16.2% in the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider's stock worth $122,158,000 after purchasing an additional 637,212 shares during the period. Finally, Silvercrest Asset Management Group LLC boosted its stake in shares of Columbia Banking System by 21.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider's stock valued at $86,468,000 after purchasing an additional 788,383 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Down 2.5 %

Shares of NASDAQ COLB traded down $0.61 during midday trading on Friday, hitting $23.64. The stock had a trading volume of 1,350,634 shares, compared to its average volume of 2,398,337. The company has a market cap of $4.95 billion, a P/E ratio of 10.42 and a beta of 0.64. The business's 50 day moving average is $23.27 and its 200-day moving average is $20.39. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $28.11.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $472.15 million for the quarter, compared to analysts' expectations of $476.01 million. During the same quarter in the prior year, the business earned $0.81 EPS. The business's revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, analysts expect that Columbia Banking System, Inc. will post 2.55 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Friday, August 23rd will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 6.09%. Columbia Banking System's dividend payout ratio (DPR) is presently 61.80%.

Wall Street Analyst Weigh In

COLB has been the subject of a number of research reports. Truist Financial increased their price target on shares of Columbia Banking System from $20.00 to $29.00 and gave the stock a "hold" rating in a research note on Monday, July 29th. Barclays raised their target price on Columbia Banking System from $21.00 to $24.00 and gave the company an "equal weight" rating in a research note on Friday, July 26th. Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. Stephens increased their price objective on Columbia Banking System from $22.00 to $26.00 and gave the stock an "equal weight" rating in a report on Friday, July 26th. Finally, Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an "equal weight" rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $25.04.

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.