Columbia Banking System (NASDAQ:COLB) Shares Down 3.8%

Columbia Banking System's stock (NASDAQ:COLB) fell 3.8% during mid-day trading, with a significant drop in trading volume. Analysts have mixed ratings, with a consensus 'Hold' and a target price of $29.38. The company reported strong quarterly earnings and increased its dividend. Institutional investors have adjusted their stakes, with Vanguard and Wellington Management increasing their holdings significantly.

Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) dropped 3.8% during mid-day trading on Friday . The company traded as low as $27.69 and last traded at $27.2810. Approximately 1,696,370 shares changed hands during trading, a decline of 42% from the average daily volume of 2,920,050 shares. The stock had previously closed at $28.36.

Wall Street Analyst Weigh In

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Several research firms have commented on COLB. TD Cowen started coverage on shares of Columbia Banking System in a report on Thursday, September 25th. They issued a "hold" rating and a $28.00 price target on the stock. Cowen assumed coverage on Columbia Banking System in a report on Wednesday, September 24th. They issued a "hold" rating for the company. Raymond James Financial upgraded Columbia Banking System from an "outperform" rating to a "strong-buy" rating and upped their target price for the stock from $27.00 to $31.00 in a research note on Monday, September 15th. Piper Sandler set a $33.00 target price on Columbia Banking System in a report on Monday, November 3rd. Finally, Barclays decreased their price target on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $29.38.

Check Out Our Latest Report on COLB

Columbia Banking System Stock Performance

The company has a 50 day moving average of $26.26 and a two-hundred day moving average of $25.23. The stock has a market cap of $8.31 billion, a PE ratio of 11.03 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%.The company had revenue of $348.47 million for the quarter. As a group, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $0.37 per share. This is a positive change 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 dividend yield of 5.3%. Columbia Banking System's payout ratio is 66.67%.

Hedge Funds Weigh In On Columbia Banking System

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of 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 valued at $768,375,000 after purchasing an additional 8,730,937 shares during the period. Wellington Management Group LLP lifted its stake in Columbia Banking System by 135.2% in the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock valued at $354,754,000 after buying an additional 7,921,303 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Columbia Banking System by 68.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider's stock worth $337,611,000 after buying an additional 5,313,883 shares during the last quarter. HoldCo Asset Management LP purchased a new stake in Columbia Banking System during the 2nd quarter worth approximately $104,819,000. Finally, Bank of New York Mellon Corp increased its stake in Columbia Banking System by 145.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider's stock worth $180,671,000 after buying an additional 4,157,835 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

(Get Free Report)

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.

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Columbia Banking System (NASDAQ:COLB) Shares Down 3.8% - Here's Why