Corebridge Financial Inc. Sells 10,629 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Corebridge Financial Inc. lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 4.3% in the 4th quarter, Holdings Channel reports. The firm owned 237,083 shares of the financial services provider’s stock after selling 10,629 shares during the period. Corebridge Financial Inc.’s holdings in Columbia Banking System were worth $6,404,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in shares of Columbia Banking System in the fourth quarter worth about $32,000. Smartleaf Asset Management LLC raised its holdings in shares of Columbia Banking System by 62.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 780 shares in the last quarter. Principal Securities Inc. boosted its position in shares of Columbia Banking System by 171.3% during the 4th quarter. Principal Securities Inc. now owns 2,127 shares of the financial services provider’s stock valued at $57,000 after acquiring an additional 1,343 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Columbia Banking System by 36.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,977 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 801 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in Columbia Banking System by 22,244.4% in the fourth quarter. Larson Financial Group LLC now owns 6,033 shares of the financial services provider’s stock worth $163,000 after purchasing an additional 6,006 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Analyst Ratings Changes

COLB has been the subject of several research reports. Barclays increased their price objective on shares of Columbia Banking System from $29.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Stephens dropped their price target on Columbia Banking System from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Citigroup decreased their price objective on Columbia Banking System from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. UBS Group started coverage on Columbia Banking System in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. Finally, Wells Fargo & Company upgraded Columbia Banking System from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $33.00 to $35.00 in a report on Monday, January 6th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $31.25.

Columbia Banking System Stock Down 2.3 %

COLB stock opened at $24.73 on Friday. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 9.74 and a beta of 0.62. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $32.85. The business’s fifty day simple moving average is $26.55 and its two-hundred day simple moving average is $27.47.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.65 by $0.06. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. Research analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.82%. The ex-dividend date of this dividend was Friday, February 28th. Columbia Banking System’s dividend payout ratio is presently 56.69%.

Insider Activity at Columbia Banking System

In other Columbia Banking System news, VP Torran B. Nixon sold 4,481 shares of Columbia Banking System stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total transaction of $116,461.19. Following the completion of the sale, the vice president now directly owns 104,869 shares of the company’s stock, valued at $2,725,545.31. The trade was a 4.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.62% of the stock is owned by company insiders.

Columbia Banking System 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.