Ceredex Value Advisors LLC Decreases Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Ceredex Value Advisors LLC lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 6.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 444,162 shares of the financial services provider's stock after selling 28,900 shares during the period. Ceredex Value Advisors LLC owned about 0.21% of Columbia Banking System worth $11,597,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in COLB. Wealth Enhancement Advisory Services LLC increased its position in Columbia Banking System by 13.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 37,681 shares of the financial services provider's stock worth $729,000 after buying an additional 4,551 shares during the last quarter. State of Michigan Retirement System raised its stake in Columbia Banking System by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 51,241 shares of the financial services provider's stock valued at $992,000 after acquiring an additional 1,200 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Columbia Banking System by 9.2% during the first quarter. Commonwealth Equity Services LLC now owns 57,745 shares of the financial services provider's stock valued at $1,117,000 after purchasing an additional 4,856 shares during the last quarter. Retirement Systems of Alabama boosted its position in Columbia Banking System by 0.3% during the first 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. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Columbia Banking System by 71.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 74,101 shares of the financial services provider's stock worth $1,434,000 after purchasing an additional 30,892 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Performance

COLB traded down $0.14 during trading on Friday, reaching $28.37. The stock had a trading volume of 1,435,176 shares, compared to its average volume of 1,551,330. The business has a 50-day moving average of $25.96 and a 200-day moving average of $22.62. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $29.41. The stock has a market cap of $5.94 billion, a PE ratio of 12.28 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.07. The company had revenue of $765.06 million for the quarter, compared to analysts' expectations of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same period last year, the firm posted $0.79 EPS. Equities research analysts forecast that Columbia Banking System, Inc. will post 2.6 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were issued a $0.36 dividend. The ex-dividend date was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.08%. Columbia Banking System's payout ratio is 62.34%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on COLB shares. StockNews.com upgraded shares of Columbia Banking System from a "sell" rating to a "hold" rating in a research note on Saturday, October 5th. Truist Financial raised their price target on Columbia Banking System from $28.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, October 28th. Wedbush increased their price objective on Columbia Banking System from $31.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Keefe, Bruyette & Woods raised their target price 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. Finally, JPMorgan Chase & Co. lowered their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $27.12.

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.