Norges Bank acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) in the 4th quarter, Holdings Channel reports. The fund acquired 783,543 shares of the financial services provider’s stock, valued at approximately $28,129,000.
Several other institutional investors also recently bought and sold shares of COLB. Morgan Stanley boosted its holdings in shares of Columbia Banking System by 37.6% in the third quarter. Morgan Stanley now owns 336,225 shares of the financial services provider’s stock valued at $8,018,000 after acquiring an additional 91,864 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Columbia Banking System in the third quarter valued at approximately $1,216,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Columbia Banking System in the third quarter valued at approximately $243,000. Crossmark Global Holdings Inc. bought a new position in shares of Columbia Banking System in the fourth quarter valued at approximately $209,000. Finally, Nwam LLC bought a new stake in Columbia Banking System during the fourth quarter worth approximately $324,000. Institutional investors and hedge funds own 90.57% of the company’s stock.
Columbia Banking System stock opened at $41.65 on Wednesday. The company has a 50 day moving average price of $45.54 and a 200 day moving average price of $37.88. Columbia Banking System, Inc. has a 52 week low of $19.11 and a 52 week high of $50.68. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 20.93 and a beta of 0.97.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 24th. Shareholders of record on Wednesday, February 10th were given a $0.28 dividend. The ex-dividend date was Tuesday, February 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.69%. Columbia Banking System’s payout ratio is 41.79%.
A number of analysts recently weighed in on COLB shares. Keefe, Bruyette & Woods cut shares of Columbia Banking System from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $39.00 to $43.00 in a report on Friday, January 29th. Stephens started coverage on shares of Columbia Banking System in a report on Tuesday, January 5th. They set an “equal weight” rating for the company. Piper Sandler restated a “neutral” rating and set a $47.00 target price (up from $43.00) on shares of Columbia Banking System in a report on Wednesday, March 3rd. Finally, Zacks Investment Research upgraded shares of Columbia Banking System from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, April 6th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $46.33.
Columbia Banking System Company Profile
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including non-interest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.
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