Neuberger Berman Group LLC Sells 102,594 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Neuberger Berman Group LLC reduced its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 3.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,061,401 shares of the financial services provider’s stock after selling 102,594 shares during the quarter. Neuberger Berman Group LLC owned 4.27% of Columbia Banking System worth $118,048,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Columbia Banking System by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 7,930,832 shares of the financial services provider’s stock worth $305,813,000 after buying an additional 152,814 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Columbia Banking System by 6.7% during the 1st quarter. Franklin Resources Inc. now owns 2,986,278 shares of the financial services provider’s stock worth $128,679,000 after buying an additional 187,908 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Columbia Banking System by 8.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,331,325 shares of the financial services provider’s stock worth $89,896,000 after buying an additional 187,200 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Columbia Banking System by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,128,136 shares of the financial services provider’s stock worth $91,702,000 after buying an additional 115,924 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Columbia Banking System by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,258,756 shares of the financial services provider’s stock worth $48,537,000 after buying an additional 59,074 shares during the last quarter. Institutional investors and hedge funds own 90.17% of the company’s stock.

Shares of COLB opened at $34.42 on Thursday. Columbia Banking System, Inc. has a 1 year low of $24.91 and a 1 year high of $50.68. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 11.67 and a beta of 0.90. The business has a 50-day moving average of $36.33 and a 200-day moving average of $39.11.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Wednesday, July 28th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.12. Columbia Banking System had a return on equity of 9.07% and a net margin of 34.64%. The company had revenue of $146.21 million during the quarter, compared to the consensus estimate of $145.35 million. On average, research analysts predict that Columbia Banking System, Inc. will post 2.75 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 27th. Stockholders of record on Tuesday, October 12th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, October 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.49%. Columbia Banking System’s dividend payout ratio (DPR) is 51.61%.

Several brokerages recently weighed in on COLB. DA Davidson upgraded Columbia Banking System from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $39.00 to $41.00 in a research report on Wednesday. Raymond James upgraded Columbia Banking System from a “market perform” rating to an “outperform” rating and set a $43.00 target price for the company in a research report on Thursday, October 7th. Royal Bank of Canada dropped their target price on Columbia Banking System from $42.00 to $38.00 and set a “sector perform” rating for the company in a research report on Wednesday. Zacks Investment Research downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Stephens dropped their target price on Columbia Banking System from $40.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $40.57.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company, which engages in the provision of financial services. It specializes in personal, business, and wealth management. It offers checking and savings accounts; debit and credit cards; digital banking; personal loans; home loans; foreign currency; professional banking; treasury management; merchant card services; international banking; financial services; private banking; and trust and investment services.

Further Reading: What is a capital gain?

Institutional Ownership by Quarter for Columbia Banking System (NASDAQ:COLB)

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