Keudell Morrison Wealth Management Has $210,000 Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Keudell Morrison Wealth Management raised its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 39.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,833 shares of the financial services provider’s stock after buying an additional 3,090 shares during the period. Keudell Morrison Wealth Management’s holdings in Columbia Banking System were worth $210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of COLB. Fifth Third Bancorp grew its stake in shares of Columbia Banking System by 113.4% during the first quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,047 shares during the last quarter. First Pacific Financial bought a new position in Columbia Banking System in the fourth quarter valued at approximately $40,000. Headlands Technologies LLC bought a new position in shares of Columbia Banking System during the fourth quarter worth $42,000. GAMMA Investing LLC bought a new position in shares of Columbia Banking System during the fourth quarter worth $48,000. Finally, Cerity Partners LLC bought a new position in shares of Columbia Banking System during the fourth quarter worth $59,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB traded up $0.88 during trading on Monday, reaching $22.32. The stock had a trading volume of 1,499,619 shares, compared to its average volume of 2,519,731. The firm’s fifty day moving average is $19.43 and its 200 day moving average is $19.96. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $28.11. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 9.20 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. The business had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. Columbia Banking System’s revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 earnings per share. On average, research analysts forecast that Columbia Banking System, Inc. will post 2.44 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 24th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.45%. The ex-dividend date of this dividend was Thursday, May 23rd. Columbia Banking System’s dividend payout ratio is presently 61.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. Wedbush restated a “neutral” rating and set a $20.00 price objective on shares of Columbia Banking System in a report on Friday, April 26th. Keefe, Bruyette & Woods dropped their price objective on shares of Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, April 5th. Truist Financial lowered their price target on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Finally, Barclays lifted their target price on shares of Columbia Banking System from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.04.

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.