ZWJ Investment Counsel Inc. Acquires 26,236 Shares of Columbia Banking System, Inc. $COLB

by · The Markets Daily

ZWJ Investment Counsel Inc. lifted its holdings in Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 11.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 246,906 shares of the financial services provider’s stock after acquiring an additional 26,236 shares during the quarter. ZWJ Investment Counsel Inc. owned 0.12% of Columbia Banking System worth $6,355,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HoldCo Asset Management LP bought a new stake in Columbia Banking System in the second quarter worth $104,819,000. American Century Companies Inc. increased its holdings in shares of Columbia Banking System by 18.3% in the second quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider’s stock worth $209,220,000 after buying an additional 1,381,597 shares during the period. Norges Bank purchased a new position in shares of Columbia Banking System in the second quarter worth about $23,813,000. Prudential Financial Inc. lifted its stake in shares of Columbia Banking System by 1,773.2% in the 2nd quarter. Prudential Financial Inc. now owns 767,114 shares of the financial services provider’s stock valued at $17,935,000 after acquiring an additional 726,163 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Columbia Banking System by 681.2% during the 2nd quarter. Mackenzie Financial Corp now owns 786,091 shares of the financial services provider’s stock valued at $18,379,000 after acquiring an additional 685,467 shares during the period. Institutional investors own 92.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on COLB. Piper Sandler set a $33.00 price target on Columbia Banking System in a research note on Monday, November 3rd. TD Cowen initiated coverage on shares of Columbia Banking System in a research report on Thursday, September 25th. They set a “hold” rating and a $28.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. Zacks Research downgraded shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Columbia Banking System in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and an average price target of $29.58.

Check Out Our Latest Stock Report on Columbia Banking System

Columbia Banking System Price Performance

COLB stock opened at $28.51 on Thursday. Columbia Banking System, Inc. has a 1 year low of $19.61 and a 1 year high of $29.61. The firm has a 50-day moving average of $27.24 and a 200 day moving average of $25.83. The company has a market cap of $8.53 billion, a P/E ratio of 12.84 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB – Get Free Report) last posted its quarterly earnings data on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%.The business had revenue of $348.47 million for the quarter. On average, equities research analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 5.2%. This is a positive change from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, November 28th. Columbia Banking System’s dividend payout ratio is currently 66.67%.

Columbia Banking System Company Profile

(Free Report)

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.

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