Columbia Banking System, Inc. (NASDAQ:COLB) Shares Bought by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp increased its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 14.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 114,993 shares of the financial services provider’s stock after purchasing an additional 14,550 shares during the period. Alaska Permanent Fund Corp’s holdings in Columbia Banking System were worth $2,225,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of COLB. UBS Group AG boosted its stake in Columbia Banking System by 721.5% in the 3rd quarter. UBS Group AG now owns 183,408 shares of the financial services provider’s stock worth $3,723,000 after purchasing an additional 161,083 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Columbia Banking System during the 3rd quarter valued at approximately $226,000. Envestnet Asset Management Inc. lifted its stake in Columbia Banking System by 34.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 226,243 shares of the financial services provider’s stock valued at $4,593,000 after acquiring an additional 58,522 shares during the period. Stifel Financial Corp lifted its stake in Columbia Banking System by 69.2% during the 3rd quarter. Stifel Financial Corp now owns 237,827 shares of the financial services provider’s stock valued at $4,828,000 after acquiring an additional 97,307 shares during the period. Finally, Northern Trust Corp lifted its stake in Columbia Banking System by 0.5% during the 3rd quarter. Northern Trust Corp now owns 1,772,558 shares of the financial services provider’s stock valued at $35,983,000 after acquiring an additional 8,945 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Trading Down 0.9 %

Shares of COLB stock opened at $18.48 on Friday. The company’s 50-day moving average price is $19.09 and its 200-day moving average price is $20.73. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 7.93 and a beta of 0.67. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $28.11.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.12. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The firm had revenue of $473.72 million for the quarter, compared to analysts’ expectations of $480.39 million. During the same quarter in the previous year, the company posted $0.46 EPS. The company’s revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 2.44 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 24th were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 7.79%. Columbia Banking System’s payout ratio is currently 61.80%.

Wall Street Analyst Weigh In

COLB has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. Citigroup decreased their price objective on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Barclays lifted their price objective on shares of Columbia Banking System from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. DA Davidson cut their target price on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th. Finally, Wedbush reaffirmed a “neutral” rating and set a $20.00 target price on shares of Columbia Banking System in a report on Friday, April 26th. Twelve analysts have rated the stock with a hold rating and two have issued 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 $22.04.

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.