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D.A. Davidson & CO. Grows Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Defense World · Sep 6, 2022 05:51

D.A. Davidson & CO. raised its stake in Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) by 4.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,224 shares of the financial services provider's stock after buying an additional 842 shares during the period. D.A. Davidson & CO.'s holdings in Columbia Banking System were worth $653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Davidson Investment Advisors boosted its position in Columbia Banking System by 36.9% in the 1st quarter. Davidson Investment Advisors now owns 378,735 shares of the financial services provider's stock valued at $12,222,000 after buying an additional 102,025 shares during the period. Bank of Montreal Can boosted its position in Columbia Banking System by 2.7% in the 1st quarter. Bank of Montreal Can now owns 23,253 shares of the financial services provider's stock valued at $790,000 after buying an additional 620 shares during the period. PNC Financial Services Group Inc. boosted its position in Columbia Banking System by 26.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,310 shares of the financial services provider's stock valued at $171,000 after buying an additional 1,120 shares during the period. Landscape Capital Management L.L.C. bought a new stake in shares of Columbia Banking System in the 1st quarter valued at about $1,865,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Columbia Banking System by 12.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,989,044 shares of the financial services provider's stock valued at $64,187,000 after purchasing an additional 218,523 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Separately, Raymond James reduced their price target on shares of Columbia Banking System from $38.00 to $34.00 and set an "outperform" rating for the company in a report on Thursday, July 7th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $34.80.

Insider Buying and Selling

In other news, Director Craig D. Eerkes acquired 1,694 shares of Columbia Banking System stock in a transaction that occurred on Friday, June 10th. The stock was purchased at an average price of $28.52 per share, for a total transaction of $48,312.88. Following the purchase, the director now directly owns 20,227 shares in the company, valued at approximately $576,874.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders bought a total of 2,713 shares of company stock worth $74,593 in the last 90 days. 0.62% of the stock is owned by corporate insiders.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $29.41 on Tuesday. Columbia Banking System, Inc. has a one year low of $26.97 and a one year high of $40.78. The firm has a market cap of $2.31 billion, a P/E ratio of 10.58 and a beta of 0.66. The firm has a 50-day simple moving average of $30.12 and a 200-day simple moving average of $30.99.

Columbia Banking System (NASDAQ:COLB – Get Rating) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.75 EPS for the quarter, missing the consensus estimate 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 business posted $0.77 EPS. On average, research analysts predict that Columbia Banking System, Inc. will post 2.74 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 3rd were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 2nd. This represents a $1.20 annualized dividend and a dividend yield of 4.08%. Columbia Banking System's dividend payout ratio (DPR) is presently 43.17%.

About Columbia Banking System

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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.