Columbia Banking System, Inc. $COLB Stake Boosted by TD Asset Management Inc

TD Asset Management Inc increased its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 12.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 461,928 shares of the financial services provider’s stock after purchasing an additional 49,454 shares during the quarter. TD Asset Management Inc’s holdings in Columbia Banking System were worth $12,911,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its stake in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 794 shares in the last quarter. Horizon Investments LLC increased its stake in Columbia Banking System by 168.8% in the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 773 shares in the last quarter. Torren Management LLC purchased a new position in Columbia Banking System in the 4th quarter worth about $49,000. Eurizon Capital SGR S.p.A. purchased a new position in Columbia Banking System in the 4th quarter worth about $58,000. Finally, Ameriflex Group Inc. purchased a new position in Columbia Banking System in the 3rd quarter worth about $63,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $29.68 on Tuesday. The stock’s 50 day moving average price is $29.08 and its 200 day moving average price is $28.89. Columbia Banking System, Inc. has a 52 week low of $21.91 and a 52 week high of $32.70. The company has a market capitalization of $8.59 billion, a P/E ratio of 11.82 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The firm had revenue of $675.00 million for the quarter, compared to the consensus estimate of $677.34 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. The firm’s revenue was up 37.9% on a year-over-year basis. As a group, sell-side analysts forecast that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a $0.37 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 5.0%. Columbia Banking System’s dividend payout ratio is currently 58.96%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on COLB shares. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Wall Street Zen cut Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Barclays decreased their price objective on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 7th. Finally, Piper Sandler raised their price objective on Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and an average price target of $32.13.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.