AQR Capital Management LLC Takes $560,000 Position in Columbia Banking System, Inc. (NASDAQ:COLB)

AQR Capital Management LLC acquired a new position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 28,820 shares of the financial services provider's stock, valued at approximately $560,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in COLB. Picton Mahoney Asset Management purchased a new position in Columbia Banking System in the second quarter worth $33,000. Abich Financial Wealth Management LLC grew 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 acquiring an additional 1,020 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Columbia Banking System by 144.0% during 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 in the last quarter. Allspring Global Investments Holdings LLC increased 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 purchasing an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in shares of Columbia Banking System by 137,166.7% in the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider's stock worth $82,000 after buying an additional 4,115 shares during the last quarter. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Trading Up 1.1 %

Columbia Banking System stock traded up $0.29 during trading on Tuesday, hitting $27.45. The company had a trading volume of 1,434,672 shares, compared to its average volume of 2,323,666. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 11.78 and a beta of 0.64. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.13. The company's 50 day simple moving average is $24.84 and its 200-day simple moving average is $21.76.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate 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 net margin of 15.94% and a return on equity of 10.89%. The firm's revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 EPS. As a group, analysts forecast that Columbia Banking System, Inc. will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System's dividend payout ratio is presently 61.80%.

Analysts Set New Price Targets

Several research firms have commented on COLB. Truist Financial lowered their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a "hold" rating on the stock in a report on Friday, September 20th. Royal Bank of Canada raised their target price on Columbia Banking System from $21.00 to $26.00 and gave the company a "sector perform" rating in a research report on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on Columbia Banking System from $26.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, October 1st. Finally, Raymond James lifted their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an "outperform" rating in a research report on Wednesday, October 2nd. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $25.81.

Columbia Banking System 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.