Columbia Banking System, Inc. (NASDAQ:COLB) Shares Acquired by American Century Companies Inc.

American Century Companies Inc. boosted its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 6.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,191,704 shares of the financial services provider’s stock after buying an additional 386,751 shares during the quarter. American Century Companies Inc. owned 2.96% of Columbia Banking System worth $123,153,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new stake in shares of Columbia Banking System during the second quarter worth about $33,000. Abich Financial Wealth Management LLC increased its holdings in Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,020 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Columbia Banking System by 144.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its position in shares of Columbia Banking System by 137,166.7% during the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after buying an additional 4,115 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COLB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research report on Wednesday, June 5th. JPMorgan Chase & Co. lifted their price target on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Wedbush upped their price objective on Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada lifted their target price on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $25.04.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $24.37 on Friday. The company has a 50-day simple moving average of $23.78 and a 200-day simple moving average of $20.63. The firm has a market capitalization of $5.11 billion, a P/E ratio of 10.46 and a beta of 0.64. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. Columbia Banking System’s revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 earnings per share. As a group, sell-side analysts forecast that Columbia Banking System, Inc. will post 2.55 earnings per share for the current 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 dividend of $0.36 per share. The ex-dividend date was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 5.91%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

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.