TRUE Private Wealth Advisors Reduces Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

TRUE Private Wealth Advisors lowered its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 7.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 25,544 shares of the financial services provider’s stock after selling 2,154 shares during the period. TRUE Private Wealth Advisors’ holdings in Columbia Banking System were worth $682,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in Columbia Banking System by 1,506.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,326 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Columbia Banking System during the 4th quarter worth approximately $32,000. Nomura Asset Management Co. Ltd. lifted its holdings in Columbia Banking System by 152.2% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 1,589 shares of the financial services provider’s stock worth $34,000 after buying an additional 959 shares in the last quarter. First Pacific Financial acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at $40,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Columbia Banking System by 27.2% in the 3rd quarter. Global Retirement Partners LLC now owns 2,489 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 533 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Insider Activity at Columbia Banking System

In other news, insider Aaron James Deer acquired 2,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was acquired at an average price of $19.32 per share, with a total value of $38,640.00. Following the completion of the transaction, the insider now directly owns 36,850 shares in the company, valued at approximately $711,942. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Aaron James Deer bought 2,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the acquisition, the insider now owns 36,850 shares in the company, valued at $711,942. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ron L. Farnsworth purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were bought at an average cost of $20.71 per share, with a total value of $51,775.00. Following the transaction, the chief financial officer now directly owns 160,073 shares of the company’s stock, valued at approximately $3,315,111.83. The disclosure for this purchase can be found here. Insiders purchased 35,133 shares of company stock worth $719,737 over the last 90 days. Company insiders own 0.62% of the company’s stock.

Columbia Banking System Stock Up 0.8 %

Shares of NASDAQ:COLB opened at $17.49 on Thursday. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 10.60 and a beta of 0.71. The firm’s 50-day simple moving average is $18.52 and its 200-day simple moving average is $21.19. Columbia Banking System, Inc. has a fifty-two week low of $17.08 and a fifty-two week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.35). The firm had revenue of $519.16 million during the quarter, compared to analysts’ expectations of $525.94 million. Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The firm’s revenue was up 52.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.93 EPS. On average, research analysts forecast that Columbia Banking System, Inc. will post 2.25 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 8.23%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio (DPR) is 87.27%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on COLB. Truist Financial reduced their price objective on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, April 1st. UBS Group cut their price target on shares of Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating on the stock in a research note on Friday, January 26th. Keefe, Bruyette & Woods cut their price target on shares of Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, April 5th. DA Davidson cut their price target on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Finally, Barclays initiated coverage on shares of Columbia Banking System in a research note on Friday, March 8th. They set an “equal weight” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Columbia Banking System presently has an average rating of “Hold” and an average target price of $22.42.

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.