Columbia Banking System, Inc. (NASDAQ:COLB) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC decreased its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 8.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,225,764 shares of the financial services provider’s stock after selling 206,683 shares during the quarter. Pzena Investment Management LLC owned about 1.06% of Columbia Banking System worth $58,115,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Picton Mahoney Asset Management purchased a new position in Columbia Banking System in the 2nd quarter worth approximately $33,000. Abich Financial Wealth Management LLC lifted its holdings in Columbia Banking System by 85.1% in the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,020 shares during the last quarter. GAMMA Investing LLC boosted its position in Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its holdings in Columbia Banking System by 137,166.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock worth $82,000 after buying an additional 4,115 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock traded down $0.14 during trading hours on Wednesday, hitting $30.01. The company’s stock had a trading volume of 228,693 shares, compared to its average volume of 2,244,209. Columbia Banking System, Inc. has a 12 month low of $17.08 and a 12 month high of $31.86. The company has a market capitalization of $6.29 billion, a PE ratio of 13.05 and a beta of 0.62. The stock has a 50 day moving average of $27.37 and a 200 day moving average of $23.62.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.62 by $0.07. The firm had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same period last year, the company posted $0.79 EPS. Equities analysts expect that Columbia Banking System, Inc. will post 2.62 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.80%. Columbia Banking System’s dividend payout ratio is 62.34%.

Analysts Set New Price Targets

Several equities analysts have commented on COLB shares. Barclays raised their target price on shares of Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Royal Bank of Canada increased their price target on shares of Columbia Banking System from $29.00 to $31.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods raised their price objective on Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Columbia Banking System presently has an average rating of “Hold” and an average target price of $27.12.

About Columbia Banking System

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.