TRUE Private Wealth Advisors Sells 2,154 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

TRUE Private Wealth Advisors reduced its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 7.8% in the 4th quarter, HoldingsChannel reports. The fund owned 25,544 shares of the financial services provider’s stock after selling 2,154 shares during the period. TRUE Private Wealth Advisors’ holdings in Columbia Banking System were worth $682,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Columbia Banking System by 4.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 46,395 shares of the financial services provider’s stock worth $1,238,000 after buying an additional 2,129 shares during the period. Sippican Capital Advisors bought a new position in shares of Columbia Banking System in the fourth quarter valued at $822,000. Mackenzie Financial Corp bought a new position in shares of Columbia Banking System in the fourth quarter valued at $482,000. Vontobel Holding Ltd. bought a new position in shares of Columbia Banking System in the fourth quarter valued at $377,000. Finally, Lecap Asset Management Ltd. bought a new position in shares of Columbia Banking System in the fourth quarter valued at $230,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COLB. UBS Group dropped their price target on shares of Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating on the stock in a research report on Friday, January 26th. Wells Fargo & Company dropped their price target on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 10th. Piper Sandler dropped their price target on shares of Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price objective for the company. in a report on Thursday, January 25th. Finally, Stephens downgraded shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $31.00 to $24.00 in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.42.

Insider Buying and Selling at Columbia Banking System

In other news, Director John F. Schultz purchased 8,559 shares of the business’s stock in a transaction on Monday, January 29th. The stock was purchased at an average cost of $20.39 per share, with a total value of $174,518.01. Following the acquisition, the director now directly owns 41,870 shares in the company, valued at $853,729.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director John F. Schultz purchased 8,559 shares of the business’s stock in a transaction on Monday, January 29th. The stock was purchased at an average cost of $20.39 per share, with a total value of $174,518.01. Following the acquisition, the director now directly owns 41,870 shares in the company, valued at $853,729.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were bought at an average cost of $18.48 per share, with a total value of $49,618.80. Following the completion of the acquisition, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The disclosure for this purchase can be found here. Insiders bought a total of 35,133 shares of company stock valued at $719,737 in the last three months. Company insiders own 0.62% of the company’s stock.

Columbia Banking System Stock Up 0.8 %

COLB opened at $17.49 on Thursday. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 10.60 and a beta of 0.71. The firm has a 50-day moving average price of $18.52 and a 200-day moving average price of $21.19. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.35). The business had revenue of $519.16 million during the quarter, compared to analysts’ expectations of $525.94 million. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. Columbia Banking System’s revenue for the quarter was up 52.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 EPS. On average, sell-side analysts expect that Columbia Banking System, Inc. will post 2.25 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.44 annualized dividend and a yield of 8.23%. Columbia Banking System’s dividend payout ratio is currently 87.27%.

Columbia Banking System Profile

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.