Insider Selling: Columbia Banking System (NASDAQ:COLB) CMO Sells 3,872 Shares of Stock

Columbia Banking System, Inc. (NASDAQ:COLB) CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Columbia Banking System Stock Up 0.5%

COLB stock traded up $0.16 during trading on Wednesday, reaching $30.31. 2,700,524 shares of the company’s stock were exchanged, compared to its average volume of 2,865,314. Columbia Banking System, Inc. has a 1-year low of $21.91 and a 1-year high of $32.70. The company’s fifty day moving average price is $29.15 and its 200-day moving average price is $28.92. The firm has a market cap of $8.77 billion, a PE ratio of 12.08 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. The business had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The business’s revenue for the quarter was up 37.9% on a year-over-year basis. During the same quarter last year, the business earned $0.67 earnings per share. As a group, sell-side analysts expect that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.9%. Columbia Banking System’s dividend payout ratio (DPR) is 58.96%.

Analyst Ratings Changes

COLB has been the topic of several research analyst reports. Wall Street Zen cut shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. JPMorgan Chase & Co. reduced their target price on shares of Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Citigroup upped their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Piper Sandler increased their price objective on shares of Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Finally, UBS Group initiated coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.13.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its holdings in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after buying an additional 794 shares during the period. Cedar Mountain Advisors LLC grew its holdings in Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 949 shares during the last quarter. Horizon Investments LLC grew its holdings in Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 773 shares during the last quarter. Rossby Financial LCC bought a new stake in Columbia Banking System during the 4th quarter worth approximately $36,000. Finally, Hilton Head Capital Partners LLC acquired a new position in shares of Columbia Banking System in the 4th quarter worth approximately $43,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.