Columbia Banking System, Inc. $COLB Stock Holdings Reduced by Peregrine Capital Management LLC

Peregrine Capital Management LLC cut its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 8.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,150 shares of the financial services provider’s stock after selling 19,927 shares during the period. Peregrine Capital Management LLC owned 0.07% of Columbia Banking System worth $5,682,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. grew its stake in shares of 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 valued at $30,000 after buying an additional 794 shares in the last quarter. Horizon Investments LLC raised its position in Columbia Banking System by 168.8% during the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 773 shares in the last quarter. Rossby Financial LCC acquired a new stake in Columbia Banking System in the fourth quarter valued at approximately $36,000. Hilton Head Capital Partners LLC acquired a new stake in Columbia Banking System in the fourth quarter valued at approximately $43,000. Finally, Atlas Capital Advisors Inc. bought a new stake in Columbia Banking System in the fourth quarter worth approximately $43,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares in the company, valued at $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.57% of the company’s stock.

Columbia Banking System Trading Up 1.4%

NASDAQ:COLB opened at $32.51 on Thursday. The firm has a market capitalization of $9.41 billion, a PE ratio of 12.95 and a beta of 0.62. Columbia Banking System, Inc. has a 1 year low of $22.77 and a 1 year high of $32.72. The firm’s fifty day simple moving average is $30.02 and its 200 day simple moving average is $29.28.

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

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s payout ratio is currently 58.96%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. UBS Group began coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They set a “neutral” rating and a $30.00 price target on the stock. Wells Fargo & Company increased their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Piper Sandler raised their target price on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Fundamental Research set a $35.00 price target on Columbia Banking System in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $32.65.

About Columbia Banking System

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.