Point72 Asset Management L.P. Invests $11.66 Million in Columbia Banking System, Inc. (NASDAQ:COLB)

Point72 Asset Management L.P. acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 446,727 shares of the financial services provider's stock, valued at approximately $11,664,000. Point72 Asset Management L.P. owned about 0.21% of Columbia Banking System at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Picton Mahoney Asset Management purchased a new position in Columbia Banking System during the 2nd quarter valued at $33,000. GAMMA Investing LLC grew 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 worth $47,000 after purchasing an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider's stock worth $52,000 after buying an additional 1,380 shares during the period. Farther Finance Advisors LLC lifted its holdings in Columbia Banking System by 1,507.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,855 shares of the financial services provider's stock valued at $127,000 after buying an additional 4,553 shares in the last quarter. Finally, Signaturefd LLC boosted its position in Columbia Banking System by 44.1% in the 2nd quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider's stock valued at $101,000 after buying an additional 1,548 shares during the period. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Stock Up 0.1 %

COLB stock traded up $0.04 during mid-day trading on Friday, hitting $30.19. 918,074 shares of the company were exchanged, compared to its average volume of 1,272,197. The firm has a market capitalization of $6.33 billion, a P/E ratio of 13.07 and a beta of 0.64. The business has a fifty day simple moving average of $28.86 and a 200-day simple moving average of $24.60. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping 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 net margin of 16.15% and a return on equity of 10.13%. During the same quarter last year, the company earned $0.79 earnings per share. Research analysts predict that Columbia Banking System, Inc. will post 2.63 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.44 annualized dividend and a dividend yield of 4.77%. Columbia Banking System's dividend payout ratio is currently 62.34%.

Wall Street Analyst Weigh In

COLB has been the topic of a number of research reports. Wells Fargo & Company raised their target price on shares of Columbia Banking System from $30.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Truist Financial lifted their target price on Columbia Banking System from $28.00 to $30.00 and gave the company a "hold" rating in a research report on Monday, October 28th. StockNews.com raised Columbia Banking System from a "sell" rating to a "hold" rating in a research report on Saturday, October 5th. Royal Bank of Canada lifted their price objective on Columbia Banking System from $29.00 to $31.00 and gave the company a "sector perform" rating in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Columbia Banking System from $30.00 to $34.00 and gave the company a "market perform" rating in a research report on Wednesday. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $28.19.

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.