Franklin Resources Inc. Reduces Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Franklin Resources Inc. lessened its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 6.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,840,218 shares of the financial services provider’s stock after selling 459,282 shares during the period. Franklin Resources Inc. owned 3.26% of Columbia Banking System worth $184,754,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in Columbia Banking System in the 4th quarter valued at approximately $42,000. AIA Group Ltd raised its holdings in shares of Columbia Banking System by 15.4% in the fourth quarter. AIA Group Ltd now owns 10,953 shares of the financial services provider’s stock worth $296,000 after acquiring an additional 1,463 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in shares of Columbia Banking System in the fourth quarter valued at $210,000. CIBC Private Wealth Group LLC boosted its stake in shares of Columbia Banking System by 50.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 7,455 shares of the financial services provider’s stock valued at $202,000 after acquiring an additional 2,515 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its position in Columbia Banking System by 9.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 29,220 shares of the financial services provider’s stock worth $789,000 after purchasing an additional 2,417 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Trading Down 0.8 %

Shares of COLB stock opened at $24.75 on Wednesday. The company’s fifty day simple moving average is $26.40 and its 200-day simple moving average is $27.54. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $32.85. The company has a market cap of $5.19 billion, a PE ratio of 9.74 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. Equities research analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

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

Insider Buying and Selling at Columbia Banking System

In other Columbia Banking System news, VP Torran B. Nixon sold 4,481 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were 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 directly owns 104,869 shares of the company’s stock, valued at $2,725,545.31. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.62% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on COLB shares. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $32.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company upgraded Columbia Banking System from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $33.00 to $35.00 in a report on Monday, January 6th. Stephens decreased their price objective on Columbia Banking System from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. UBS Group began coverage on Columbia Banking System in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Finally, Barclays increased 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 assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.