The Manufacturers Life Insurance Company decreased its stake in Columbia Banking System Inc (NASDAQ:COLB) by 51.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 641,582 shares of the financial services provider’s stock after selling 685,884 shares during the period. The Manufacturers Life Insurance Company owned 0.90% of Columbia Banking System worth $17,194,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in COLB. Norges Bank bought a new stake in Columbia Banking System in the fourth quarter worth about $28,794,000. Schroder Investment Management Group purchased a new stake in shares of Columbia Banking System in the 1st quarter valued at $17,077,000. Bank of New York Mellon Corp boosted its stake in shares of Columbia Banking System by 42.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,647,879 shares of the financial services provider’s stock valued at $67,044,000 after purchasing an additional 487,340 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Columbia Banking System by 8.9% in the 4th quarter. Franklin Resources Inc. now owns 3,180,922 shares of the financial services provider’s stock valued at $129,416,000 after purchasing an additional 259,800 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Columbia Banking System by 14.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,928,905 shares of the financial services provider’s stock valued at $78,478,000 after purchasing an additional 244,039 shares in the last quarter. 92.07% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ COLB opened at $27.70 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. Columbia Banking System Inc has a 12 month low of $19.11 and a 12 month high of $41.40. The firm has a market capitalization of $1.89 billion, a PE ratio of 12.31 and a beta of 0.97. The firm has a fifty day simple moving average of $25.35 and a two-hundred day simple moving average of $31.58.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.24). Columbia Banking System had a return on equity of 7.53% and a net margin of 25.96%. The company had revenue of $143.63 million during the quarter, compared to the consensus estimate of $143.80 million. During the same quarter last year, the company posted $0.63 earnings per share. On average, sell-side analysts predict that Columbia Banking System Inc will post 1.48 earnings per share for the current year.

A number of equities research analysts have recently issued reports on COLB shares. Royal Bank of Canada reaffirmed a “hold” rating and issued a $30.00 price objective on shares of Columbia Banking System in a research note on Monday, April 13th. Zacks Investment Research lowered shares of Columbia Banking System from a “hold” rating to a “sell” rating in a report on Monday, April 27th. Piper Sandler began coverage on shares of Columbia Banking System in a report on Tuesday, June 16th. They set a “buy” rating and a $35.00 price target for the company. BidaskClub lowered shares of Columbia Banking System from a “hold” rating to a “sell” rating in a report on Friday. Finally, TheStreet lowered shares of Columbia Banking System from a “b-” rating to a “c+” rating in a report on Friday, March 13th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Columbia Banking System has a consensus rating of “Hold” and an average target price of $36.75.

In related news, Director Tom Hulbert acquired 4,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $21.97 per share, for a total transaction of $87,880.00. Following the acquisition, the director now owns 54,608 shares of the company’s stock, valued at $1,199,737.76. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

About Columbia Banking System

Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.

Further Reading: Short Selling

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

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