LSV Asset Management Sells 264,859 Shares of Columbia Banking System, Inc. $COLB

LSV Asset Management cut its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 20.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,042,584 shares of the financial services provider’s stock after selling 264,859 shares during the quarter. LSV Asset Management owned approximately 0.50% of Columbia Banking System worth $26,836,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. AQR Capital Management LLC grew its holdings in Columbia Banking System by 35.4% in the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock worth $1,402,000 after purchasing an additional 14,824 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Columbia Banking System by 23.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock worth $2,063,000 after purchasing an additional 15,845 shares in the last quarter. Millennium Management LLC boosted its position in shares of Columbia Banking System by 572.7% in the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after purchasing an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Columbia Banking System by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after buying an additional 108,994 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock valued at $22,128,000 after buying an additional 16,165 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Columbia Banking System news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.68% of the company’s stock.

Columbia Banking System Stock Performance

COLB opened at $31.49 on Friday. The stock has a market capitalization of $9.42 billion, a P/E ratio of 13.93 and a beta of 0.61. The company’s 50-day simple moving average is $29.31 and its two-hundred day simple moving average is $27.24. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $32.70.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The firm had revenue of $715.00 million during the quarter, compared to analyst estimates of $693.23 million. During the same period in the previous year, the business posted $0.71 earnings per share. Research analysts forecast that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, February 27th. Columbia Banking System’s payout ratio is 65.49%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Piper Sandler boosted their target price on Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Citigroup lifted their price target on Columbia Banking System from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, January 26th. Royal Bank Of Canada increased their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. raised their price objective on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Finally, TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $31.88.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.