Kestra Investment Management LLC Takes $751,000 Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Kestra Investment Management LLC acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) in the third quarter, HoldingsChannel reports. The firm acquired 28,748 shares of the financial services provider’s stock, valued at approximately $751,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new stake in shares of Columbia Banking System during the 2nd quarter worth about $33,000. GAMMA Investing LLC boosted its position in Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,380 shares during the period. Hexagon Capital Partners LLC raised its holdings in Columbia Banking System by 137,166.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 4,115 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Columbia Banking System by 44.1% during the 2nd quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 1,548 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $31.01 on Monday. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $32.85. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 13.42 and a beta of 0.62. The business has a 50-day moving average of $28.41 and a 200-day moving average of $24.21.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. The firm had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same quarter in the prior year, the business earned $0.79 EPS. Research analysts expect that Columbia Banking System, Inc. will post 2.63 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.44 dividend on an annualized basis and a yield of 4.64%. Columbia Banking System’s dividend payout ratio is currently 62.34%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on COLB. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Raymond James lifted their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Barclays boosted their target price on shares of Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Finally, Wedbush increased their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $27.12.

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.