EverSource Wealth Advisors LLC Increases Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

EverSource Wealth Advisors LLC increased its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 13,181.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,868 shares of the financial services provider’s stock after acquiring an additional 16,741 shares during the period. EverSource Wealth Advisors LLC’s holdings in Columbia Banking System were worth $317,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. LSV Asset Management bought a new stake in shares of Columbia Banking System during the first quarter worth $2,850,000. Channing Capital Management LLC purchased a new position in shares of Columbia Banking System in the fourth quarter worth $3,955,000. BNP Paribas Financial Markets increased its holdings in shares of Columbia Banking System by 185.1% in the first quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock valued at $3,363,000 after purchasing an additional 112,826 shares during the period. ARGA Investment Management LP acquired a new position in Columbia Banking System in the 4th quarter worth approximately $2,025,000. Finally, Vanguard Group Inc. lifted its position in Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock valued at $432,041,000 after purchasing an additional 574,509 shares during the period. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock traded down $0.90 on Friday, reaching $23.87. 2,541,769 shares of the company were exchanged, compared to its average volume of 2,620,116. The stock’s 50 day moving average price is $20.73 and its 200-day moving average price is $19.85. The company has a market cap of $5.00 billion, a P/E ratio of 10.24 and a beta of 0.65. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. On average, research analysts predict that Columbia Banking System, Inc. will post 2.51 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 24th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 6.03%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 61.80%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on COLB shares. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Truist Financial increased their price target on Columbia Banking System from $20.00 to $29.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Barclays raised their price target on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Stephens increased their target price on Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Finally, Wells Fargo & Company lifted their price target on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.04.

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.