Corebridge Financial Inc. Sells 10,629 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Corebridge Financial Inc. cut its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 4.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 237,083 shares of the financial services provider’s stock after selling 10,629 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of Columbia Banking System worth $6,404,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerity Partners LLC boosted its holdings in shares of Columbia Banking System by 384.5% during the 3rd quarter. Cerity Partners LLC now owns 64,531 shares of the financial services provider’s stock valued at $1,685,000 after buying an additional 51,212 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Columbia Banking System by 439.5% during the third quarter. BNP Paribas Financial Markets now owns 79,877 shares of the financial services provider’s stock worth $2,086,000 after acquiring an additional 65,072 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in Columbia Banking System by 17.1% in the third quarter. Glenmede Trust Co. NA now owns 52,764 shares of the financial services provider’s stock worth $1,378,000 after purchasing an additional 7,704 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Columbia Banking System by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 868,937 shares of the financial services provider’s stock valued at $22,688,000 after purchasing an additional 9,561 shares in the last quarter. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Columbia Banking System during the third quarter valued at approximately $276,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Torran B. Nixon sold 4,481 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total value of $116,461.19. Following the completion of the transaction, the vice president now owns 104,869 shares of the company’s stock, valued at $2,725,545.31. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.62% of the stock is currently owned by company insiders.

Columbia Banking System Stock Down 2.3 %

Shares of COLB opened at $24.73 on Friday. The business has a 50-day simple moving average of $26.55 and a two-hundred day simple moving average of $27.47. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $32.85. The stock has a market cap of $5.18 billion, a price-to-earnings ratio of 9.74 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.06. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. On average, equities analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.82%. The ex-dividend date of this dividend was Friday, February 28th. Columbia Banking System’s dividend payout ratio is currently 56.69%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods dropped their target price on Columbia Banking System from $34.00 to $33.00 and set a “market perform” rating on the stock in a report on Friday, January 24th. UBS Group started coverage on Columbia Banking System in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on Columbia Banking System from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Wells Fargo & Company raised Columbia Banking System from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $33.00 to $35.00 in a report on Monday, January 6th. Finally, Barclays boosted their target price on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.25.

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.