Prudential Financial Inc. Has $17.94 Million Stake in Columbia Banking System, Inc. $COLB

Prudential Financial Inc. increased its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 1,773.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 767,114 shares of the financial services provider’s stock after buying an additional 726,163 shares during the quarter. Prudential Financial Inc.’s holdings in Columbia Banking System were worth $17,935,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. lifted its position in shares of Columbia Banking System by 0.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 12,742,629 shares of the financial services provider’s stock valued at $317,802,000 after acquiring an additional 116,795 shares during the period. American Century Companies Inc. raised its stake in Columbia Banking System by 18.3% in the second quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider’s stock valued at $209,220,000 after purchasing an additional 1,381,597 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Columbia Banking System by 2.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,816,989 shares of the financial services provider’s stock worth $182,761,000 after purchasing an additional 149,718 shares during the period. JPMorgan Chase & Co. grew its stake in Columbia Banking System by 11.1% during the second quarter. JPMorgan Chase & Co. now owns 6,606,146 shares of the financial services provider’s stock worth $154,452,000 after buying an additional 658,196 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Columbia Banking System by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider’s stock worth $162,791,000 after buying an additional 1,012,796 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $28.36 on Thursday. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $32.24. The company has a market capitalization of $8.48 billion, a PE ratio of 11.25 and a beta of 0.67. The company has a fifty day moving average of $26.23 and a 200-day moving average of $25.21.

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

Columbia Banking System Increases Dividend

The firm 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. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, November 28th. This represents a $1.48 dividend on an annualized basis and a yield of 5.2%. Columbia Banking System’s dividend payout ratio (DPR) is 66.67%.

Wall Street Analysts Forecast Growth

COLB has been the subject of a number of recent analyst reports. Citigroup upped their price target on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Piper Sandler set a $33.00 target price on Columbia Banking System in a research note on Monday, November 3rd. Keefe, Bruyette & Woods upgraded Columbia Banking System from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $30.00 to $31.00 in a research note on Friday, October 10th. Cowen began coverage on Columbia Banking System in a report on Wednesday, September 24th. They set a “hold” rating for the company. Finally, Stephens upgraded Columbia Banking System from an “equal weight” rating to an “overweight” rating and set a $30.00 price objective for the company in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $29.38.

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.