Jennison Associates LLC Has $2.09 Million Holdings in Columbia Banking System Inc (COLB)
Jennison Associates LLC cut its holdings in shares of Columbia Banking System Inc (NASDAQ:COLB) by 10.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,996 shares of the financial services provider’s stock after selling 5,798 shares during the quarter. Jennison Associates LLC owned approximately 0.07% of Columbia Banking System worth $2,086,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of COLB. The Manufacturers Life Insurance Company lifted its position in Columbia Banking System by 76.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 936,964 shares of the financial services provider’s stock worth $39,305,000 after buying an additional 405,659 shares in the last quarter. OppenheimerFunds Inc. lifted its position in Columbia Banking System by 4,223.4% during the 1st quarter. OppenheimerFunds Inc. now owns 364,807 shares of the financial services provider’s stock worth $15,304,000 after buying an additional 356,369 shares in the last quarter. Franklin Resources Inc. lifted its position in Columbia Banking System by 12.8% during the 1st quarter. Franklin Resources Inc. now owns 3,032,722 shares of the financial services provider’s stock worth $127,223,000 after buying an additional 344,136 shares in the last quarter. BlackRock Inc. lifted its position in Columbia Banking System by 1.8% during the 1st quarter. BlackRock Inc. now owns 9,474,957 shares of the financial services provider’s stock worth $397,475,000 after buying an additional 167,732 shares in the last quarter. Finally, Cardinal Capital Management LLC CT lifted its position in Columbia Banking System by 7.4% during the 1st quarter. Cardinal Capital Management LLC CT now owns 2,382,756 shares of the financial services provider’s stock worth $99,957,000 after buying an additional 164,134 shares in the last quarter. 88.47% of the stock is currently owned by hedge funds and other institutional investors.
Shares of COLB stock opened at $42.44 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $3.08 billion, a PE ratio of 19.38, a PEG ratio of 1.66 and a beta of 1.12. Columbia Banking System Inc has a 52-week low of $35.67 and a 52-week high of $48.06.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 22nd. Stockholders of record on Wednesday, August 8th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, August 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.45%. Columbia Banking System’s payout ratio is 47.49%.
Several equities research analysts have commented on COLB shares. BidaskClub raised shares of Columbia Banking System from a “hold” rating to a “buy” rating in a research report on Thursday, May 24th. DA Davidson dropped their target price on shares of Columbia Banking System from $51.00 to $49.00 and set a “buy” rating on the stock in a report on Friday, April 27th. Finally, Zacks Investment Research raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a report on Wednesday, July 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $48.20.
About Columbia Banking System
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.
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