Columbia Banking System, Inc. (NASDAQ:COLB) Sees Large Increase in Short Interest

Columbia Banking System, Inc. (NASDAQ:COLB) saw a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 8,550,000 shares, a growth of 13.1% from the May 31st total of 7,560,000 shares. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is presently 4.2 days.

Columbia Banking System Stock Performance

Shares of COLB stock traded down $0.27 on Wednesday, hitting $19.56. 1,475,100 shares of the company’s stock traded hands, compared to its average volume of 2,533,385. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 8.51 and a beta of 0.66. The company’s fifty day simple moving average is $19.28 and its 200 day simple moving average is $20.33. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.12. The business had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The company’s revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 earnings per share. As a group, sell-side analysts anticipate that Columbia Banking System will post 2.44 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 24th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 7.36%. Columbia Banking System’s dividend payout ratio (DPR) is currently 61.80%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on COLB shares. 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 for the company in a report on Friday, April 5th. JPMorgan Chase & Co. dropped their price objective on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Royal Bank of Canada decreased their target price on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. Wedbush reiterated a “neutral” rating and set a $20.00 price target on shares of Columbia Banking System in a research report on Friday, April 26th. Finally, DA Davidson decreased their price objective on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $22.04.

Institutional Trading of Columbia Banking System

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Hawaiian Bank raised its stake in shares of Columbia Banking System by 81.4% during the second quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock valued at $1,046,000 after acquiring an additional 23,597 shares during the last quarter. GAMMA Investing LLC increased its holdings in Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,387 shares during the period. Abich Financial Wealth Management LLC raised its position in Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,020 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Columbia Banking System by 13,181.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 16,868 shares of the financial services provider’s stock worth $317,000 after buying an additional 16,741 shares during the period. Finally, Clean Yield Group grew its position in shares of Columbia Banking System by 74.1% in the 1st quarter. Clean Yield Group now owns 8,892 shares of the financial services provider’s stock worth $172,000 after buying an additional 3,785 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Company 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.