Columbia Banking System, Inc. (NASDAQ:COLB) Short Interest Down 25.0% in September
Columbia Banking System, Inc. (NASDAQ:COLB) experienced a significant decrease in short interest during September. As of September 30th, short interest totaled 5,080,000 shares, reflecting a 25.0% decline from the previous total of 6,770,000 shares recorded on September 15th. Given an average trading volume of 1,970,000 shares, this results in a short-interest ratio of approximately 2.6 days.
Recent commentary from several equities research analysts has highlighted the company’s performance. Keefe, Bruyette & Woods raised their price target for Columbia Banking System from $23.00 to $27.00, issuing a “market perform” rating on July 26th. Similarly, Royal Bank of Canada increased their price target from $21.00 to $26.00 while designating a “sector perform” rating on the same date. On September 27th, Barclays amended their price objective from $24.00 to $25.00, also assigning an “equal weight” rating. In a more cautious stance, JPMorgan Chase & Co. reduced their price target from $29.00 to $28.00, maintaining a “neutral” rating. Wells Fargo & Company also revised their price objective from $26.00 to $28.00, affirming an “equal weight” rating in their report dated October 1st. Overall, eleven equities research analysts have maintained a hold rating for the stock, with three issuing a buy rating. According to available data, the consensus target price stands at $25.81.
The trading activity for Columbia Banking System reflected robust demand on Friday, with shares opening at $26.90. The stock has demonstrated volatility over the past year, reaching a low of $17.08 and a high of $28.11. Notable figures include a 50-day moving average of $24.67 and a 200-day moving average of $21.63. The company holds a market capitalization of $5.64 billion, displaying a price-to-earnings ratio of 11.90 with a beta of 0.64.
On July 25th, Columbia Banking System announced its quarterly earnings, reporting earnings per share (EPS) of $0.67. This figure surpassed analysts’ consensus estimate of $0.57 by $0.10. The company’s revenue for the quarter tallied at $472.15 million, slightly lower than analysts’ expectations of $476.01 million. The return on equity stood at 10.89%, with a net margin of 15.94%. Year-over-year, revenue declined by 9.8%, a contrast to the prior year’s EPS of $0.81. Analysts predict that Columbia Banking System will report EPS of 2.55 for the current fiscal year.
In addition to its performance, the company declared a quarterly dividend that was paid on September 9th. Shareholders on record as of August 23rd received a dividend payment of $0.36, with the ex-dividend date also set on August 23rd. This translates to an annualized dividend of $1.44, yielding 5.35%. The payout ratio for the company is currently 63.72%.
Recent changes in institutional ownership have also been notable. Retirement Systems of Alabama increased its stake in Columbia Banking System by 0.3% during the first quarter, now holding 261,930 shares valued at approximately $5,068,000. Another investor, Abich Financial Wealth Management LLC, raised their position by an impressive 85.1% during the same period, now owning 2,219 shares worth about $43,000. Additionally, the Arizona State Retirement System improved its stake by 1.9% in the second quarter, currently possessing 58,406 shares valued at $1,162,000. Hexagon Capital Partners LLC enhanced its holdings by 26.5% during the third quarter, now holding 5,209 shares valued at $136,000. The State of Michigan Retirement System also increased its position by 2.4% during the first quarter, currently owning 51,241 shares valued at around $992,000. Institutional investors retain significant influence, owning 92.53% of Columbia Banking System’s stock.
Columbia Banking System, Inc. serves as the holding company for Umpqua Bank, providing a range of financial services, including banking, private banking, mortgage, and investment solutions throughout the United States. Their offerings encompass various deposit products such as business and interest-bearing checking accounts, money market accounts, and certificates of deposit, along with insured cash sweep and other investment solutions.
