IMS Capital Management Cuts Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

IMS Capital Management lessened its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 7.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,171 shares of the financial services provider’s stock after selling 1,193 shares during the quarter. IMS Capital Management’s holdings in Columbia Banking System were worth $396,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in Columbia Banking System by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,109,253 shares of the financial services provider’s stock worth $185,623,000 after buying an additional 178,327 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Columbia Banking System by 31.9% in the 3rd quarter. Wellington Management Group LLP now owns 6,659,255 shares of the financial services provider’s stock worth $173,873,000 after acquiring an additional 1,611,563 shares during the period. American Century Companies Inc. increased its stake in Columbia Banking System by 6.7% in the 2nd quarter. American Century Companies Inc. now owns 6,191,704 shares of the financial services provider’s stock valued at $123,153,000 after purchasing an additional 386,751 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Columbia Banking System by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider’s stock worth $93,851,000 after purchasing an additional 23,963 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position 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 worth $63,295,000 after purchasing an additional 2,833,744 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Stock Down 3.7 %

NASDAQ:COLB opened at $28.63 on Wednesday. The company has a market cap of $6.00 billion, a P/E ratio of 12.39 and a beta of 0.64. The firm’s 50 day moving average is $29.42 and its two-hundred day moving average is $25.13. Columbia Banking System, Inc. has a fifty-two week low of $17.08 and a fifty-two week high of $32.85.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The firm had revenue of $765.06 million for the quarter, compared to analysts’ expectations 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 quarter last year, the firm earned $0.79 earnings per share. Research analysts forecast that Columbia Banking System, Inc. will post 2.63 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date of this dividend was Friday, November 29th. Columbia Banking System’s dividend payout ratio (DPR) is presently 62.34%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on COLB shares. Barclays lifted their price target on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods upped their price target on shares of Columbia Banking System from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Truist Financial lifted their price objective on Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, October 28th. UBS Group initiated coverage on Columbia Banking System in a report on Tuesday. They set a “neutral” rating and a $32.00 target price on the stock. Finally, Raymond James boosted their price target on Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $29.00.

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.