ProShare Advisors LLC reduced its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 10.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,406 shares of the financial services provider's stock after selling 2,139 shares during the period. ProShare Advisors LLC's holdings in Columbia Banking System were worth $561,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. Covestor Ltd acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at $28,000. Meeder Asset Management Inc. purchased a new stake in Columbia Banking System during the 1st quarter worth about $41,000. Pinebridge Investments L.P. acquired a new stake in Columbia Banking System in the 4th quarter valued at about $69,000. Howe & Rusling Inc. acquired a new stake in Columbia Banking System in the 1st quarter valued at about $88,000. Finally, FourThought Financial LLC boosted its stake in shares of Columbia Banking System by 29.6% in the 1st quarter. FourThought Financial LLC now owns 3,671 shares of the financial services provider's stock valued at $118,000 after buying an additional 839 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.
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NASDAQ:COLB opened at $29.95 on Thursday. Columbia Banking System, Inc. has a 1 year low of $26.97 and a 1 year high of $40.78. The stock has a market cap of $2.36 billion, a P/E ratio of 10.77 and a beta of 0.67. The stock has a 50-day simple moving average of $30.07 and a 200-day simple moving average of $31.00.
Columbia Banking System (NASDAQ:COLB – Get Rating) last announced its quarterly 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 net margin of 31.28% and a return on equity of 9.68%. During the same period last year, the company earned $0.77 earnings per share. On average, equities research analysts predict that Columbia Banking System, Inc. will post 2.74 EPS for the current year.Columbia Banking System Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 3rd were given 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 4.01%. Columbia Banking System's dividend payout ratio (DPR) is presently 43.17%.
Insider Buying and Selling at Columbia Banking System
In other news, Director Craig D. Eerkes bought 1,694 shares of Columbia Banking System stock in a transaction dated Friday, June 10th. The stock was acquired at an average cost of $28.52 per share, with a total value of $48,312.88. Following the acquisition, the director now owns 20,227 shares of the company's stock, valued at $576,874.04. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders purchased 2,713 shares of company stock worth $74,593 over the last 90 days. Corporate insiders own 0.62% of the company's stock.
Analyst Ratings Changes
Separately, Raymond James reduced their target price on shares of Columbia Banking System from $38.00 to $34.00 and set an "outperform" rating on the stock in a report on Thursday, July 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $34.80.
Columbia Banking System 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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