Forum Financial Management LP Buys Shares of 7,713 Columbia Banking System, Inc. (NASDAQ:COLB)

Forum Financial Management LP purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,713 shares of the financial services provider’s stock, valued at approximately $208,000.

Other hedge funds have also made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new stake in Columbia Banking System during the 4th quarter worth approximately $29,000. SBI Securities Co. Ltd. purchased a new stake in shares of Columbia Banking System during the fourth quarter worth $32,000. Meeder Asset Management Inc. acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at $42,000. Kapitalo Investimentos Ltda purchased a new position in Columbia Banking System in the fourth quarter valued at $42,000. Finally, Smartleaf Asset Management LLC boosted its holdings in Columbia Banking System by 62.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 780 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

COLB opened at $23.64 on Thursday. Columbia Banking System, Inc. has a one year low of $18.11 and a one year high of $32.85. The stock has a market capitalization of $4.97 billion, a P/E ratio of 9.31 and a beta of 0.59. The business’s 50-day simple moving average is $23.36 and its 200-day simple moving average is $26.35.

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

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a $0.36 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.09%. Columbia Banking System’s payout ratio is 61.02%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on COLB. Keefe, Bruyette & Woods reduced their price target on Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating on the stock in a research report on Thursday, April 24th. Jefferies Financial Group began coverage on shares of Columbia Banking System in a report on Wednesday, May 21st. They issued a “hold” rating and a $27.00 target price on the stock. Raymond James set a $27.00 price target on shares of Columbia Banking System and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Wall Street Zen began coverage on shares of Columbia Banking System in a research report on Thursday, May 22nd. They issued a “hold” rating on the stock. Finally, Piper Sandler decreased 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 research report on Monday, April 28th. Eleven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $29.64.

Insider Activity at Columbia Banking System

In other news, VP Torran B. Nixon sold 4,481 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $25.99, for a total transaction of $116,461.19. Following the completion of the sale, the vice president now owns 104,869 shares in the company, valued at approximately $2,725,545.31. This represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.68% of the stock is owned by insiders.

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.