Mackenzie Financial Corp Purchases 395,355 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Mackenzie Financial Corp boosted its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 4,089.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 405,022 shares of the financial services provider’s stock after acquiring an additional 395,355 shares during the quarter. Mackenzie Financial Corp owned 0.19% of Columbia Banking System worth $10,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Columbia Banking System during the 4th quarter worth about $29,000. SBI Securities Co. Ltd. bought a new position in Columbia Banking System during the 4th quarter worth $32,000. Meeder Asset Management Inc. acquired a new stake in shares of Columbia Banking System during the fourth quarter worth $42,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Columbia Banking System during the fourth quarter worth $42,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Columbia Banking System by 62.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider’s stock worth $55,000 after buying an additional 780 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on COLB. Keefe, Bruyette & Woods cut their price objective on shares of Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating for the company in a report on Thursday, April 24th. Royal Bank of Canada cut their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Piper Sandler cut their price objective on shares of Columbia Banking System from $32.00 to $30.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Raymond James set a $27.00 price objective on shares of Columbia Banking System and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, Barclays boosted their target price on shares of Columbia Banking System from $27.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, April 25th. Eleven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.64.

Insider Buying and Selling

In other Columbia Banking System news, VP Torran B. Nixon sold 4,481 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the sale, the vice president now directly owns 104,869 shares of the company’s stock, valued at $2,725,545.31. The trade was a 4.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.68% of the stock is owned by corporate insiders.

Columbia Banking System Price Performance

COLB stock opened at $24.15 on Wednesday. The company has a 50 day simple moving average of $23.38 and a 200 day simple moving average of $26.37. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of 9.51 and a beta of 0.59. Columbia Banking System, Inc. has a 1 year low of $18.11 and a 1 year high of $32.85.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $481.92 million during the quarter, compared to analysts’ expectations of $482.86 million. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 EPS. On average, equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.96%. The ex-dividend date is Friday, May 30th. Columbia Banking System’s dividend payout ratio is 61.02%.

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.