Principal Financial Group Inc. reduced its stake in Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 519,539 shares of the financial services provider's stock after selling 4,726 shares during the period. Principal Financial Group Inc. owned approximately 0.66% of Columbia Banking System worth $16,765,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the business. Swiss National Bank grew its stake in shares of Columbia Banking System by 7.2% during the first quarter. Swiss National Bank now owns 185,707 shares of the financial services provider's stock valued at $5,993,000 after acquiring an additional 12,400 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Columbia Banking System by 7.1% during the first quarter. Teacher Retirement System of Texas now owns 16,248 shares of the financial services provider's stock valued at $524,000 after acquiring an additional 1,081 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Columbia Banking System during the first quarter valued at about $3,187,000. IndexIQ Advisors LLC acquired a new stake in shares of Columbia Banking System during the first quarter valued at about $387,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Columbia Banking System during the first quarter valued at about $338,000. 94.44% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Upgrades and Downgrades
COLB has been the subject of a number of research reports. Raymond James decreased their price target on Columbia Banking System from $38.00 to $34.00 and set an "outperform" rating for the company in a research note on Thursday, July 7th. Piper Sandler decreased their price target on Columbia Banking System from $35.00 to $31.00 in a research note on Monday, May 2nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $34.80.
Columbia Banking System Stock Down 0.7 %
Shares of NASDAQ COLB opened at $32.09 on Friday. The firm's 50-day moving average price is $29.62 and its two-hundred day moving average price is $31.26. Columbia Banking System, Inc. has a 52-week low of $26.97 and a 52-week high of $40.78. The stock has a market capitalization of $2.52 billion, a P/E ratio of 11.54 and a beta of 0.67.
Columbia Banking System (NASDAQ:COLB – Get Rating) last issued its earnings results on Thursday, July 21st. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.77 by ($0.02). Columbia Banking System had a return on equity of 9.68% and a net margin of 31.28%. During the same quarter in the prior year, the firm posted $0.77 earnings per share. As a group, equities research analysts expect that Columbia Banking System, Inc. will post 2.74 earnings per share for the current year.
Columbia Banking System Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 3rd were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 2nd. This represents a $1.20 dividend on an annualized basis and a yield of 3.74%. Columbia Banking System's dividend payout ratio is currently 43.17%.
Insiders Place Their Bets
In other Columbia Banking System news, Director Craig D. Eerkes purchased 1,694 shares of the business's stock in a transaction dated Friday, June 10th. The shares were bought at an average price of $28.52 per share, with a total value of $48,312.88. Following the completion of the acquisition, the director now owns 20,227 shares in the company, valued at approximately $576,874.04. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired 2,713 shares of company stock valued at $74,593 over the last quarter. Insiders own 0.62% of the company's stock.
Columbia Banking System Company Profile
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Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.
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