Sittner & Nelson LLC Sells 2,000 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Sittner & Nelson LLC cut its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 5.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 37,519 shares of the financial services provider’s stock after selling 2,000 shares during the period. Sittner & Nelson LLC’s holdings in Columbia Banking System were worth $980,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Keudell Morrison Wealth Management bought a new stake in Columbia Banking System during the 3rd quarter valued at about $233,000. Leeward Investments LLC MA raised its holdings in Columbia Banking System by 16.3% in the 3rd quarter. Leeward Investments LLC MA now owns 1,083,995 shares of the financial services provider’s stock worth $28,303,000 after acquiring an additional 152,083 shares during the last quarter. QRG Capital Management Inc. bought a new position in Columbia Banking System in the 3rd quarter valued at approximately $257,000. BSW Wealth Partners purchased a new stake in Columbia Banking System during the 3rd quarter valued at $222,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Columbia Banking System by 7.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 117,866 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 8,114 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on COLB. Barclays upped their price target on Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Truist Financial boosted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a report on Monday, October 28th. JPMorgan Chase & Co. dropped their target price on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $27.12.

Columbia Banking System Trading Down 4.0 %

Shares of NASDAQ:COLB opened at $30.43 on Friday. The stock has a 50 day moving average of $26.33 and a 200 day moving average of $22.91. The company has a market cap of $6.37 billion, a PE ratio of 13.17 and a beta of 0.62. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $31.74.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. The business had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same period in the prior year, the business posted $0.79 earnings per share. Equities research analysts predict that Columbia Banking System, Inc. will post 2.62 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 4.73%. Columbia Banking System’s payout ratio is presently 62.34%.

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.