Columbia Banking System, Inc. (NASDAQ:COLB) Shares Sold by State Street Corp

State Street Corp lowered its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 2.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 10,380,325 shares of the financial services provider's stock after selling 259,567 shares during the period. State Street Corp owned 4.95% of Columbia Banking System worth $271,030,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new position in Columbia Banking System during the second quarter worth approximately $33,000. Allspring Global Investments Holdings LLC increased its stake in shares of 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 acquiring an additional 1,380 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Columbia Banking System by 54.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,640 shares of the financial services provider's stock worth $95,000 after acquiring an additional 1,290 shares during the period. Signaturefd LLC boosted its position in shares of Columbia Banking System by 44.1% during the 2nd quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider's stock valued at $101,000 after acquiring an additional 1,548 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Columbia Banking System by 8,253.4% during the 2nd quarter. Blue Trust Inc. now owns 6,098 shares of the financial services provider's stock valued at $118,000 after acquiring an additional 6,025 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on COLB shares. Truist Financial lifted their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a "hold" rating in a research note on Monday, October 28th. StockNews.com raised shares of Columbia Banking System from a "sell" rating to a "hold" rating in a research report on Saturday, October 5th. Wedbush increased their price objective on Columbia Banking System from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. JPMorgan Chase & Co. reduced their target price on Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Finally, Barclays increased their price target on Columbia Banking System from $29.00 to $33.00 and gave the stock an "equal weight" rating in a report on Thursday, December 5th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $28.19.

Columbia Banking System Stock Performance

Shares of Columbia Banking System stock traded up $0.48 during trading hours on Wednesday, reaching $30.00. 2,143,743 shares of the company were exchanged, compared to its average volume of 2,190,235. The firm has a market cap of $6.29 billion, a PE ratio of 13.06 and a beta of 0.64. The stock's fifty day moving average is $29.02 and its 200 day moving average is $24.75. Columbia Banking System, Inc. has a 1 year low of $17.08 and a 1 year high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The company had revenue of $765.06 million for the quarter, compared to analyst estimates of $478.80 million. During the same quarter last year, the company earned $0.79 EPS. Research analysts expect that Columbia Banking System, Inc. will post 2.63 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.80%. The ex-dividend date is Friday, November 29th. Columbia Banking System's dividend payout ratio (DPR) is presently 62.34%.

About Columbia Banking System

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.