Columbia Banking System, Inc. (COLB) Position Decreased by Cortina Asset Management LLC
Cortina Asset Management LLC trimmed its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 0.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 418,627 shares of the financial services provider’s stock after selling 1,665 shares during the period. Cortina Asset Management LLC owned 0.57% of Columbia Banking System worth $17,628,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Flinton Capital Management LLC raised its stake in shares of Columbia Banking System by 98.1% in the 2nd quarter. Flinton Capital Management LLC now owns 3,328 shares of the financial services provider’s stock valued at $133,000 after acquiring an additional 1,648 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Columbia Banking System by 2.1% in the 2nd quarter. D.A. Davidson & CO. now owns 3,631 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 73 shares in the last quarter. Dubuque Bank & Trust Co. bought a new position in shares of Columbia Banking System in the 2nd quarter valued at approximately $188,000. Teacher Retirement System of Texas bought a new position in shares of Columbia Banking System in the 3rd quarter valued at approximately $202,000. Finally, Riverhead Capital Management LLC raised its stake in shares of Columbia Banking System by 102.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,262 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 2,662 shares in the last quarter. 77.28% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the company. Zacks Investment Research raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub lowered Columbia Banking System from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Piper Jaffray Companies raised Columbia Banking System from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $43.00 to $46.00 in a report on Monday, July 31st. Royal Bank Of Canada reissued a “hold” rating and set a $42.00 price objective on shares of Columbia Banking System in a report on Friday, July 28th. Finally, DA Davidson reissued a “buy” rating and set a $48.00 price objective (up previously from $45.00) on shares of Columbia Banking System in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.60.
Shares of Columbia Banking System, Inc. (NASDAQ COLB) traded up $0.32 on Tuesday, reaching $44.00. The company’s stock had a trading volume of 246,900 shares, compared to its average volume of 362,844. Columbia Banking System, Inc. has a 52-week low of $35.67 and a 52-week high of $45.68. The company has a market cap of $3,189.46, a P/E ratio of 19.85, a price-to-earnings-growth ratio of 1.99 and a beta of 1.24.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.18. Columbia Banking System had a return on equity of 9.93% and a net margin of 27.72%. The firm had revenue of $126.00 million during the quarter, compared to the consensus estimate of $119.16 million. During the same quarter in the previous year, the company posted $0.47 EPS. The business’s revenue for the quarter was up 16.9% compared to the same quarter last year. sell-side analysts expect that Columbia Banking System, Inc. will post 2.2 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.00%. Columbia Banking System’s payout ratio is currently 40.00%.
Columbia Banking System Profile
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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