PNC Financial Services Group Inc. lessened its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 12.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,195 shares of the financial services provider’s stock after selling 2,708 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Columbia Banking System were worth $390,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the business. Keeley Teton Advisors LLC raised its position in shares of Columbia Banking System by 11.0% during the third quarter. Keeley Teton Advisors LLC now owns 405,480 shares of the financial services provider’s stock valued at $8,231,000 after buying an additional 40,215 shares during the last quarter. Swiss National Bank increased its holdings in Columbia Banking System by 1.1% in the 2nd quarter. Swiss National Bank now owns 453,721 shares of the financial services provider’s stock valued at $9,201,000 after acquiring an additional 4,900 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Columbia Banking System by 10.8% in the 3rd quarter. William Blair Investment Management LLC now owns 1,505,140 shares of the financial services provider’s stock worth $30,554,000 after purchasing an additional 147,011 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Columbia Banking System by 13.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,020,138 shares of the financial services provider’s stock valued at $41,009,000 after purchasing an additional 243,841 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Columbia Banking System during the third quarter valued at about $667,000. 89.82% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on COLB shares. Keefe, Bruyette & Woods downgraded Columbia Banking System from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $30.00 to $25.00 in a research report on Thursday, January 25th. Stephens lowered shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $31.00 to $24.00 in a report on Thursday, January 25th. TheStreet cut shares of Columbia Banking System from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. JPMorgan Chase & Co. reduced their target price on shares of Columbia Banking System from $30.00 to $23.00 and set a “neutral” rating on the stock in a report on Friday, January 26th. Finally, DA Davidson downgraded shares of Columbia Banking System from a “buy” rating to a “neutral” rating and lowered their price target for the company from $32.00 to $25.00 in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average target price of $24.13.
Get Our Latest Analysis on COLB
Columbia Banking System Price Performance
Shares of NASDAQ:COLB opened at $17.87 on Friday. The firm has a market capitalization of $3.73 billion, a PE ratio of 10.83 and a beta of 0.73. The business has a 50 day simple moving average of $22.04 and a two-hundred day simple moving average of $21.53. Columbia Banking System, Inc. has a 1 year low of $17.18 and a 1 year high of $29.58.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last posted its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The company had revenue of $519.16 million during the quarter, compared to the consensus estimate of $525.94 million. During the same quarter in the previous year, the company posted $0.93 earnings per share. The company’s revenue for the quarter was up 52.5% on a year-over-year basis. Equities research analysts expect that Columbia Banking System, Inc. will post 2.38 EPS for the current fiscal year.
Columbia Banking System Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Friday, February 23rd will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, February 22nd. This represents a $1.44 annualized dividend and a dividend yield of 8.06%. Columbia Banking System’s dividend payout ratio is currently 87.27%.
Insider Buying and Selling at Columbia Banking System
In other Columbia Banking System news, VP Christopher Merrywell purchased 5,000 shares of the stock in a transaction dated Tuesday, January 30th. The stock was purchased at an average price of $21.09 per share, with a total value of $105,450.00. Following the transaction, the vice president now owns 50,727 shares of the company’s stock, valued at $1,069,832.43. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Columbia Banking System news, VP Christopher Merrywell acquired 5,000 shares of Columbia Banking System stock in a transaction that occurred on Tuesday, January 30th. The stock was bought at an average price of $21.09 per share, with a total value of $105,450.00. Following the completion of the purchase, the vice president now directly owns 50,727 shares of the company’s stock, valued at approximately $1,069,832.43. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clint Stein bought 9,500 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were bought at an average cost of $20.96 per share, for a total transaction of $199,120.00. Following the transaction, the chief executive officer now directly owns 165,684 shares in the company, valued at approximately $3,472,736.64. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 35,133 shares of company stock valued at $719,737. Company insiders own 0.62% of the company’s stock.
Columbia Banking System Profile
Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides commercial and retail banking services. The company offers deposit products, including interest-bearing checking, savings, money market, and certificate of deposit accounts. It also provides home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; and agricultural loans, asset-based loans, builder and other commercial real estate loans, and loans guaranteed by the SBA, as well as offer a suite of business edge loans designed for small businesses to expand, purchase equipment, or in need of working capital.
See Also
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Source: americanbankingnews.com
