Devine David Moore Sells 3,872 Shares of Columbia Banking System (NASDAQ:COLB) Stock

Columbia Banking System, Inc. (NASDAQ:COLB) CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the transaction, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Columbia Banking System Stock Up 1.6%

NASDAQ COLB opened at $30.82 on Friday. The stock has a market cap of $8.92 billion, a PE ratio of 12.28 and a beta of 0.63. Columbia Banking System, Inc. has a fifty-two week low of $21.91 and a fifty-two week high of $32.70. The business has a 50 day moving average price of $29.29 and a two-hundred day moving average price of $28.97.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The company had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. During the same period in the prior year, the company posted $0.67 EPS. Columbia Banking System’s quarterly revenue was up 37.9% on a year-over-year basis. Sell-side analysts anticipate that Columbia Banking System, Inc. will post 3.08 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, May 29th. Columbia Banking System’s dividend payout ratio is presently 58.96%.

Institutional Investors Weigh In On Columbia Banking System

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock worth $768,375,000 after buying an additional 8,730,937 shares during the period. Wellington Management Group LLP increased its position in Columbia Banking System by 31.4% in the fourth quarter. Wellington Management Group LLP now owns 18,106,228 shares of the financial services provider’s stock worth $506,069,000 after buying an additional 4,324,006 shares during the period. Dimensional Fund Advisors LP increased its position in Columbia Banking System by 3.1% in the first quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider’s stock worth $371,656,000 after buying an additional 408,087 shares during the period. State Street Corp increased its position in Columbia Banking System by 32.5% in the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock worth $345,113,000 after buying an additional 3,290,560 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Columbia Banking System by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider’s stock worth $351,179,000 after buying an additional 163,543 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COLB has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. Wall Street Zen lowered Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. JPMorgan Chase & Co. cut their target price on Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Piper Sandler upped their target price on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Finally, Barclays cut their target price on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Columbia Banking System currently has a consensus rating of “Hold” and a consensus target price of $32.13.

Columbia Banking System Company Profile

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.