Northwestern Mutual Investment Management Company LLC Raises Stock Position in Columbia Banking System, Inc. $COLB

Northwestern Mutual Investment Management Company LLC raised its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 42.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 66,656 shares of the financial services provider’s stock after buying an additional 19,724 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Columbia Banking System were worth $1,716,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC boosted its stake in shares of Columbia Banking System by 612.8% in the 3rd quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock worth $26,000 after buying an additional 864 shares during the last quarter. West Oak Capital LLC purchased a new stake in Columbia Banking System during the third quarter valued at $28,000. Quent Capital LLC bought a new position in Columbia Banking System in the third quarter valued at about $29,000. Geneos Wealth Management Inc. lifted its holdings in Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 794 shares during the period. Finally, First Horizon Corp purchased a new position in Columbia Banking System in the third quarter worth about $31,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Trading Up 0.8%

NASDAQ COLB opened at $31.49 on Tuesday. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.70. The stock has a market cap of $9.42 billion, a price-to-earnings ratio of 13.93 and a beta of 0.61. The company’s 50 day moving average is $29.37 and its two-hundred day moving average is $27.34.

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

Columbia Banking System Dividend Announcement

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

Insider Buying and Selling

In other news, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on COLB. JPMorgan Chase & Co. upped their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. Citigroup raised their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, January 26th. Barclays upped their target price on shares of Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, December 19th. Piper Sandler increased their price target on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, Royal Bank Of Canada lifted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and an average target price of $31.88.

About Columbia Banking System

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.