Allspring Global Investments Holdings LLC Increases Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Allspring Global Investments Holdings LLC lifted its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 111.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,618 shares of the financial services provider’s stock after buying an additional 1,380 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Columbia Banking System were worth $52,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Abich Financial Wealth Management LLC increased its position 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 valued at $43,000 after buying an additional 1,020 shares during the period. GAMMA Investing LLC grew its holdings in 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 period. Hexagon Capital Partners LLC grew its holdings in 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 purchasing an additional 4,115 shares during the period. Quadrant Capital Group LLC grew its holdings in Columbia Banking System by 17.8% in the fourth quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 595 shares during the period. Finally, TFO Wealth Partners LLC grew its holdings in Columbia Banking System by 23,158.8% in the fourth quarter. TFO Wealth Partners LLC now owns 3,954 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 3,937 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Trading Up 1.6 %

COLB opened at $24.03 on Tuesday. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.11. The company has a market capitalization of $5.03 billion, a PE ratio of 10.31 and a beta of 0.64. The firm’s 50 day simple moving average is $23.43 and its two-hundred day simple moving average is $20.50.

Columbia Banking System (NASDAQ:COLB) last released its quarterly 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. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The business had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. During the same period last year, the firm earned $0.81 earnings per share. The company’s quarterly revenue was down 9.8% on a year-over-year basis. Equities analysts forecast that Columbia Banking System, Inc. will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 annualized dividend and a yield of 5.99%. Columbia Banking System’s payout ratio is presently 61.80%.

Wall Street Analysts Forecast Growth

COLB has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Piper Sandler restated an “overweight” rating and issued a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Truist Financial upped their target price on shares of Columbia Banking System from $20.00 to $29.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Barclays upped their target price on shares of Columbia Banking System from $21.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Finally, StockNews.com downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.04.

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.