Principal Financial Group Inc. Buys 16,035 Shares of Columbia Banking System, Inc. $COLB

Principal Financial Group Inc. increased its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 2.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 659,422 shares of the financial services provider’s stock after acquiring an additional 16,035 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Columbia Banking System worth $18,088,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of COLB. Geneos Wealth Management Inc. boosted its holdings in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares during the period. Cedar Mountain Advisors LLC increased its holdings in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 949 shares during the period. Horizon Investments LLC increased its holdings in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 773 shares during the period. Rossby Financial LCC purchased a new stake in shares of Columbia Banking System in the fourth quarter worth $36,000. Finally, Hilton Head Capital Partners LLC bought a new stake in Columbia Banking System during the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Insider Transactions at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is currently owned by insiders.

Columbia Banking System Stock Performance

Shares of COLB opened at $32.63 on Thursday. Columbia Banking System, Inc. has a fifty-two week low of $22.77 and a fifty-two week high of $33.67. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 2.24 and a beta of 0.62. The firm has a 50 day moving average price of $30.88 and a 200-day moving average price of $29.66.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. The company had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The firm’s revenue was up 37.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 EPS. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 3.05 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.5%. Columbia Banking System’s dividend payout ratio is currently 58.96%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler upped their target price on Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Wells Fargo & Company boosted their price objective on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. JPMorgan Chase & Co. upped their price objective on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Columbia Banking System in a research note on Monday, June 29th. Finally, UBS Group initiated coverage on shares of Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average target price of $32.81.

Columbia Banking System 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.