Hsbc Holdings PLC Sells 47,951 Shares of Columbia Banking System, Inc. $COLB

Hsbc Holdings PLC lessened its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 78.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,967 shares of the financial services provider’s stock after selling 47,951 shares during the quarter. Hsbc Holdings PLC’s holdings in Columbia Banking System were worth $356,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of Columbia Banking System by 35.4% during the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after purchasing an additional 14,824 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Columbia Banking System by 23.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock worth $2,063,000 after purchasing an additional 15,845 shares during the last quarter. Millennium Management LLC raised its position in Columbia Banking System by 572.7% in the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after purchasing an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Columbia Banking System by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock worth $22,128,000 after buying an additional 16,165 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler lifted their target price on Columbia Banking System from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Royal Bank Of Canada upped their price target on Columbia Banking System from $34.00 to $35.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Wall Street Zen cut Columbia Banking System from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. UBS Group initiated coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Columbia Banking System has an average rating of “Hold” and an average target price of $33.27.

Columbia Banking System Trading Up 0.1%

Shares of COLB opened at $31.27 on Friday. Columbia Banking System, Inc. has a 1 year low of $22.77 and a 1 year high of $33.67. The stock has a market cap of $9.05 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 3.10 and a beta of 0.62. The stock’s 50-day moving average price is $31.16 and its two-hundred day moving average price is $29.77.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The company had revenue of $680.00 million during the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period in the previous year, the company earned $0.76 EPS. As a group, equities analysts forecast that Columbia Banking System, Inc. will post 3.02 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. Columbia Banking System’s payout ratio is currently 58.96%.

Columbia Banking System 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.