State Street Corp Has $271.03 Million Position in Columbia Banking System, Inc. (NASDAQ:COLB)

State Street Corp trimmed its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 2.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,380,325 shares of the financial services provider’s stock after selling 259,567 shares during the quarter. State Street Corp owned about 4.95% of Columbia Banking System worth $271,030,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new position in Columbia Banking System in the second quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC increased its stake in shares of Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,380 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Columbia Banking System by 54.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,640 shares of the financial services provider’s stock valued at $95,000 after acquiring an additional 1,290 shares during the period. Signaturefd LLC boosted its stake in Columbia Banking System by 44.1% during the second quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 1,548 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Columbia Banking System by 8,253.4% in the second quarter. Blue Trust Inc. now owns 6,098 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 6,025 shares during the period. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Down 1.1 %

COLB stock opened at $29.52 on Wednesday. The firm has a market cap of $6.19 billion, a PE ratio of 12.78 and a beta of 0.64. The business has a 50 day moving average of $29.02 and a 200-day moving average of $24.75. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $32.85.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.07. The firm had revenue of $765.06 million during the quarter, compared to analyst estimates of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same period last year, the firm posted $0.79 EPS. On average, research analysts expect that Columbia Banking System, Inc. will post 2.63 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date of this dividend is Friday, November 29th. Columbia Banking System’s payout ratio is 62.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. StockNews.com raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Wells Fargo & Company raised their price objective on Columbia Banking System from $30.00 to $33.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. lowered their target price on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Truist Financial lifted their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Columbia Banking System from $30.00 to $34.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and an average target price of $28.19.

About Columbia Banking System

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.