Citigroup Inc. Has $7.33 Million Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Citigroup Inc. lowered its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 37.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 280,582 shares of the financial services provider’s stock after selling 164,477 shares during the period. Citigroup Inc.’s holdings in Columbia Banking System were worth $7,326,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in COLB. Picton Mahoney Asset Management acquired a new stake in Columbia Banking System in the second quarter valued at $33,000. GAMMA Investing LLC raised its holdings 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 during the period. Allspring Global Investments Holdings LLC lifted 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 valued at $52,000 after purchasing an additional 1,380 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in 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 purchasing an additional 4,115 shares during the period. Finally, Signaturefd LLC increased its position in Columbia Banking System by 44.1% during the second quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider’s stock worth $101,000 after buying an additional 1,548 shares during the last quarter. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $31.01 on Friday. The stock’s 50 day moving average price is $28.41 and its two-hundred day moving average price is $24.18. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 13.42 and a beta of 0.62. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $32.85.

Columbia Banking System (NASDAQ:COLB) 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 the consensus estimate of $0.62 by $0.07. The business had revenue of $765.06 million during the quarter, compared to the consensus estimate 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 firm posted $0.79 EPS. On average, equities research analysts forecast that Columbia Banking System, Inc. will post 2.63 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, November 29th. This represents a $1.44 annualized dividend and a yield of 4.64%. Columbia Banking System’s dividend payout ratio (DPR) is currently 62.34%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Truist Financial lifted their target price on 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 upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Wells Fargo & Company raised their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Barclays upped their price target on shares of Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Finally, Wedbush raised their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $27.12.

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.