Rhumbline Advisers Sells 3,524 Shares of Columbia Banking System, Inc. $COLB

Rhumbline Advisers reduced its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 0.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 571,947 shares of the financial services provider’s stock after selling 3,524 shares during the period. Rhumbline Advisers owned approximately 0.27% of Columbia Banking System worth $13,372,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in COLB. Verdence Capital Advisors LLC grew its position in Columbia Banking System by 2.0% in the second quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 403 shares in the last quarter. Mengis Capital Management Inc. boosted its holdings in shares of Columbia Banking System by 1.1% in the 2nd quarter. Mengis Capital Management Inc. now owns 50,511 shares of the financial services provider’s stock worth $1,181,000 after purchasing an additional 529 shares during the period. Blue Trust Inc. boosted its holdings in shares of Columbia Banking System by 26.6% in the 2nd quarter. Blue Trust Inc. now owns 2,718 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 571 shares during the period. UMB Bank n.a. increased its position in shares of Columbia Banking System by 38.1% during the 2nd quarter. UMB Bank n.a. now owns 2,259 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 623 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in Columbia Banking System by 53.5% during the 2nd quarter. Bessemer Group Inc. now owns 1,790 shares of the financial services provider’s stock valued at $42,000 after buying an additional 624 shares during the period. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $27.79 on Friday. The company has a market capitalization of $8.31 billion, a PE ratio of 11.03 and a beta of 0.67. The company has a 50 day moving average price of $26.29 and a 200-day moving average price of $25.24. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $31.61.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Monday, March 4th. The financial services provider reported $0.76 EPS for the quarter. The company had revenue of $348.47 million for the quarter. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%. On average, analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a $0.37 dividend. The ex-dividend date is Friday, November 28th. This is an increase from Columbia Banking System’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 5.3%. Columbia Banking System’s dividend payout ratio is presently 66.67%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. TD Cowen initiated coverage on shares of Columbia Banking System in a research note on Thursday, September 25th. They set a “hold” rating and a $28.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Columbia Banking System in a research note on Monday, November 24th. Zacks Research lowered shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 16th. Cowen assumed coverage on Columbia Banking System in a research report on Wednesday, September 24th. They set a “hold” rating for the company. Finally, Piper Sandler set a $33.00 target price on Columbia Banking System in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $29.38.

About Columbia Banking System

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.