21st June 2024

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Business Industry and Financial

Norges Bank Makes New $63.15 Million Investment in Columbia Banking System, Inc. (NASDAQ:COLB)


Norges Bank bought a new position in Columbia Banking System, Inc. (NASDAQ:COLBFree Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,367,013 shares of the financial services provider’s stock, valued at approximately $63,152,000. Norges Bank owned 1.13% of Columbia Banking System at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Trillium Asset Management LLC increased its position in Columbia Banking System by 6.7% in the fourth quarter. Trillium Asset Management LLC now owns 174,794 shares of the financial services provider’s stock worth $4,664,000 after buying an additional 11,033 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Columbia Banking System by 17.8% during the fourth quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 595 shares during the period. ARGA Investment Management LP acquired a new position in shares of Columbia Banking System during the fourth quarter valued at $2,025,000. QRG Capital Management Inc. acquired a new position in shares of Columbia Banking System during the fourth quarter valued at $237,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Columbia Banking System by 7.3% during the fourth quarter. BNP Paribas Financial Markets now owns 60,950 shares of the financial services provider’s stock valued at $1,626,000 after purchasing an additional 4,137 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on COLB shares. Truist Financial lowered their price target on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Wells Fargo & Company lowered their price target on Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. JPMorgan Chase & Co. decreased their target price on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, April 4th. DA Davidson decreased their target price on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Finally, StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Thursday, May 16th. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $22.19.

Check Out Our Latest Research Report on COLB

Columbia Banking System Stock Down 0.2 %

NASDAQ:COLB opened at $18.82 on Tuesday. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.11. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of 8.08 and a beta of 0.69. The stock has a fifty day simple moving average of $19.06 and a 200 day simple moving average of $21.14.

Columbia Banking System (NASDAQ:COLBGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.12. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The business had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. During the same quarter last year, the company posted $0.46 EPS. Columbia Banking System’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities analysts predict that Columbia Banking System, Inc. will post 2.44 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 24th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 7.65%. The ex-dividend date is Thursday, May 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Columbia Banking System Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Columbia Banking System (NASDAQ:COLB)



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