Gilman Hill Asset Management LLC Lowers Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Gilman Hill Asset Management LLC decreased its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 1.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 286,855 shares of the financial services provider’s stock after selling 4,162 shares during the quarter. Columbia Banking System comprises about 1.3% of Gilman Hill Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Gilman Hill Asset Management LLC owned about 0.14% of Columbia Banking System worth $7,490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in COLB. Dimensional Fund Advisors LP raised its stake in Columbia Banking System by 812.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock valued at $63,295,000 after buying an additional 2,833,744 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after purchasing an additional 788,383 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Columbia Banking System by 16.2% in the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock worth $122,158,000 after purchasing an additional 637,212 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Columbia Banking System by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after purchasing an additional 574,509 shares during the last quarter. Finally, Pzena Investment Management LLC raised its stake in shares of Columbia Banking System by 29.8% in the first quarter. Pzena Investment Management LLC now owns 2,456,438 shares of the financial services provider’s stock worth $47,532,000 after purchasing an additional 563,674 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Up 3.7 %

NASDAQ:COLB traded up $0.95 during mid-day trading on Friday, hitting $26.90. 2,071,132 shares of the company traded hands, compared to its average volume of 2,334,540. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 11.90 and a beta of 0.64. The stock’s fifty day moving average price is $24.67 and its 200-day moving average price is $21.63. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $472.15 million during the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 earnings per share. Equities analysts predict that Columbia Banking System, Inc. will post 2.55 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were given 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 dividend yield of 5.35%. Columbia Banking System’s dividend payout ratio is currently 63.72%.

Wall Street Analysts Forecast Growth

COLB has been the subject of several recent analyst reports. Truist Financial decreased their price target on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Wedbush upgraded Columbia Banking System from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $28.00 to $31.00 in a research note on Tuesday, September 24th. Wells Fargo & Company boosted their price target on Columbia Banking System from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Stephens lifted their price objective on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, Barclays lifted their price objective on Columbia Banking System from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Columbia Banking System has an average rating of “Hold” and a consensus price target of $25.81.

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.