Keudell Morrison Wealth Management Decreases Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Keudell Morrison Wealth Management cut its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 14.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,656 shares of the financial services provider’s stock after selling 1,283 shares during the period. Keudell Morrison Wealth Management’s holdings in Columbia Banking System were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of COLB. Bank of Montreal Can boosted its holdings in Columbia Banking System by 114.9% in the second quarter. Bank of Montreal Can now owns 76,298 shares of the financial services provider’s stock valued at $1,520,000 after purchasing an additional 40,800 shares during the period. AQR Capital Management LLC purchased a new position in Columbia Banking System in the second quarter valued at $560,000. Creative Planning boosted its holdings in Columbia Banking System by 39.2% in the second quarter. Creative Planning now owns 42,063 shares of the financial services provider’s stock valued at $837,000 after purchasing an additional 11,836 shares during the period. Cetera Investment Advisers raised its stake in Columbia Banking System by 135.8% in the second quarter. Cetera Investment Advisers now owns 111,009 shares of the financial services provider’s stock valued at $2,208,000 after buying an additional 63,932 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its stake in Columbia Banking System by 43.8% in the third quarter. Handelsbanken Fonder AB now owns 57,421 shares of the financial services provider’s stock valued at $1,499,000 after buying an additional 17,500 shares in the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on COLB shares. Citigroup cut their price target on Columbia Banking System from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Wells Fargo & Company upgraded Columbia Banking System from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $33.00 to $35.00 in a research note on Monday, January 6th. Truist Financial raised their price target on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, October 28th. Royal Bank of Canada lifted their target price on Columbia Banking System from $29.00 to $31.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Finally, Barclays lifted their target price on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $30.38.

Columbia Banking System Stock Down 0.5 %

Shares of COLB stock opened at $27.90 on Friday. The stock has a market capitalization of $5.85 billion, a PE ratio of 10.98 and a beta of 0.67. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $32.85. The stock’s 50-day moving average price is $28.51 and its 200 day moving average price is $26.93.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.06. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. Analysts expect that Columbia Banking System, Inc. will post 2.74 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date was Friday, November 29th. Columbia Banking System’s dividend payout ratio is presently 56.69%.

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.