COLB Columbia Banking System, Inc. - Common Stock
$32.14
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$24–$34
84% of range
Analyst Rating
HOLD
20 analysts
Price Target
$34
+6% upside
P/E (TTM)
13.7
ROE
8.5%
Net Profit Margin
310.7%
COLB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$32.13
Market Cap
$9.30B
P/E (TTM)
13.7
EPS (TTM)
$2.30
Revenue (TTM)
$177M
Div Yield
3.6%
ROE
8.5%
Debt/Equity
—
52W Range
$24 – $34
COLB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$177M
2021-12-31
→
2025-12-31
EPS
$2.30
2016-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2022-12-31
Margins
310.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
COLB
Peer Median
P/E (TTM)
13.7
12.6
P/S (TTM)
52.6
2.6
P/B
1.2
1.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
COLB
Peer Median
Net Profit Margin
310.7%
30.9%
ROA
0.93%
1.2%
ROE
8.5%
9.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
COLB
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
COLB
Peer Median
Revenue YoY
18.8%
—
Revenue CAGR 3Y
27.3%
—
EPS YoY
-9.8%
—
Net Income YoY
3.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
COLB
Peer Median
Payout Ratio
60.9%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.6%
Payout Ratio
60.9%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 29, 2026 | $0.3700 |
| Feb. 27, 2026 | $0.3700 |
| Nov. 28, 2025 | $0.3700 |
| Aug. 29, 2025 | $0.3600 |
| May 30, 2025 | $0.3600 |
| Feb. 28, 2025 | $0.3600 |
| Nov. 29, 2024 | $0.3600 |
| Aug. 23, 2024 | $0.3600 |
| May 23, 2024 | $0.3600 |
| Feb. 22, 2024 | $0.3600 |
| Nov. 22, 2023 | $0.3600 |
| Aug. 24, 2023 | $0.3600 |
| May 30, 2023 | $0.3600 |
| Feb. 3, 2023 | $0.3000 |
| Oct. 14, 2022 | $0.3000 |
| Aug. 2, 2022 | $0.3000 |
| May 3, 2022 | $0.3000 |
| Feb. 1, 2022 | $0.3000 |
| Oct. 12, 2021 | $0.3000 |
| Aug. 10, 2021 | $0.2800 |
COLB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 5 25.0%
- Buy 5 25.0%
- Hold 10 50.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-16
Median
$34.50
Now
$32.13
Low
$30.00
High
$37.00
Median target
$34.50
+7.4%
Mean target
$34.14
+6.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.76 | $0.74 | 0.02% |
| March 31, 2026 | $0.72 | $0.70 | 0.02% |
| Dec. 31, 2025 | $0.82 | $0.73 | 0.09% |
| Sept. 30, 2025 | $0.85 | $0.70 | 0.15% |
| June 30, 2025 | $0.76 | $0.68 | 0.08% |
| March 31, 2025 | $0.67 | $0.65 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| COLB | $8.26B | 12.2 | 18.8% | 310.7% | 8.5% | — |
| WTFC | $9.36B | 12.3 | 5.9% | 310.1% | 11.4% | — |
| SSB | $9.33B | 12.0 | 56.1% | 29.8% | 8.9% | — |
| CFR | — | 12.8 | 8.3% | 29.0% | 14.8% | — |
| ONB | $8.69B | 12.5 | — | 26.5% | 8.1% | — |
| ZION | $8.64B | 9.7 | 3.6% | 135.8% | 13.1% | — |
| PB | $6.43B | 12.1 | 4.8% | 43.4% | 7.1% | — |
| WAL | — | 9.6 | 99.7% | 713.6% | 13.5% | — |
| BOKF | $7.18B | 12.9 | 6.1% | 26.6% | 10.1% | — |
| CBSH | $7.20B | 13.0 | 6.5% | 32.1% | 16.0% | — |
| VLY | — | 11.6 | 9.3% | 29.5% | 7.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $177M | $149M | $134M | $86M | $83M | |
| Interest Expense | · | · | $746M | $78M | $42M | |
| Interest Income | $2.92B | $2.75B | $2.54B | $1.15B | $962M | |
| Pretax Income | · | · | · | $318M | $257M | |
| Income Tax | $178M | $185M | $122M | $114M | $138M | |
| Net Income | $550M | $534M | $349M | $337M | $420M | |
| EPS (Basic) | $2.31 | $2.56 | $1.79 | $2.60 | $3.22 | |
| EPS (Diluted) | $2.30 | $2.55 | $1.78 | $2.60 | $3.21 | |
| Shares (Basic) | 238,022,000 | 208,463,000 | 195,304,000 | 129,277,000 | 130,499,000 | |
| Shares (Diluted) | 239,121,000 | 209,337,000 | 195,871,000 | 129,732,000 | 131,030,000 | |
| EBITDA | $141M | $150M | $144M | $49M | $23M |
Balance Sheet 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.38B | $1.88B | $2.16B | $1.29B | $825M | |
| PP&E (Net) | $422M | $349M | $339M | $176M | $172M | |
| PP&E (Gross) | $765M | $680M | $654M | $501M | $255M | |
| Accum. Depreciation | $343M | $331M | $315M | $325M | $83M | |
| Goodwill | $1.48B | $1.03B | $1.03B | $0 | $823M | |
| Intangibles | $712M | $484M | $604M | $5M | $35M | |
| Total Assets | $66.83B | $51.58B | $52.17B | $31.85B | $20.95B | |
| Total Liabilities | $58.99B | $46.46B | $47.18B | $29.37B | $18.36B | |
| Common Stock | $8.10B | $5.82B | $5.80B | $3.45B | $1.93B | |
| Retained Earnings | $-26M | $-237M | $-468M | $-544M | $694M | |
| Treasury Stock | · | · | · | $71M | $71M | |
| AOCI | $-233M | $-462M | $-340M | $-427M | $35M | |
| Stockholders' Equity | $7.84B | $5.12B | $5.00B | $2.48B | $2.59B | |
| Liabilities + Equity | $66.83B | $51.58B | $52.17B | $31.85B | $20.95B | |
| Shares Outstanding | 295,422,000 | 209,536,000 | 208,585,000 | 129,321,000 | 129,065,476 |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $141M | $150M | $144M | $28M | $31M | |
| Stock-based Comp | $33M | $20M | $18M | $10M | $11M | |
| Deferred Tax | $54M | $31M | $13M | $14M | $41M | |
| Amort. of Intangibles | $127M | $119M | $111M | $4M | $5M | |
| Other Non-cash | $-32M | $-76M | $146M | $-9M | $780.0K | |
| Operating Cash Flow | $746M | $659M | $670M | $1.07B | $663M | |
| CapEx | · | · | · | $27M | $15M | |
| Investing Cash Flow | $2.17B | $114M | $502M | $-3.53B | $-1.53B | |
| Debt Issued | $11.68B | $4.90B | $17.35B | $1.65B | $0 | |
| Net Debt Issued | $11.68B | $4.90B | $17.35B | · | · | |
| Stock Issued | $3M | $0 | $1M | $54.0K | $34.0K | |
| Stock Repurchased | $109M | $6M | $6M | $4M | $81M | |
| Net Stock Activity | $-106M | $-6M | $-5M | $0 | $0 | |
| Dividends Paid | $335M | $300M | $270M | $182M | $184M | |
| Financing Cash Flow | $-2.42B | $-1.06B | $-304M | $1.00B | $1.06B | |
| Net Change in Cash | $502M | $-285M | $868M | $-1.47B | $188M | |
| Taxes Paid | $123M | $101M | $139M | · | · | |
| Free Cash Flow | · | · | · | $293M | $229M | |
| Levered FCF | · | · | · | $275M | $222M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Margin | 310.7% | 358.6% | 259.7% | 34.6% | 32.6% | |
| Pretax Margin | · | · | · | 44.0% | 41.3% | |
| EBITDA Margin | 79.7% | 100.7% | 107.4% | 6.8% | 3.7% | |
| ROA | 0.93% | 1.0% | 0.83% | 1.2% | 1.1% | |
| ROE | 8.5% | 10.5% | 9.3% | 11.2% | 8.3% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 18.8% | 11.2% | 56.1% | 3.0% | · | |
| Revenue CAGR 3Y | 27.3% | 21.4% | · | · | · | |
| EPS YoY | -9.8% | 43.3% | -31.5% | -19.0% | 47.9% | |
| EPS CAGR 3Y | -4.0% | -7.4% | -6.4% | · | · | |
| EPS CAGR 5Y | 1.2% | · | · | · | · | |
| Net Income YoY | 3.0% | 53.0% | 3.6% | -19.9% | 172.5% | |
| Net Income CAGR 3Y | 17.8% | 8.3% | 31.3% | · | · | |
| Net Income CAGR 5Y | 28.9% | · | · | · | · | |
| Dividend CAGR 5Y | 28.5% | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $177M | $149M | $134M | $86M | $83M | |
| Net Income TTM | $550M | $534M | $349M | $337M | $420M | |
| Market Cap | $8.26B | $5.66B | $5.57B | $2.37B | $2.57B | |
| P/E | 12.2 | 10.6 | 15.0 | 11.6 | 10.2 | |
| P/S | 46.6 | 38.0 | 41.5 | 27.6 | 30.8 | |
| P/B | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | |
| P / Tangible Book | 1.5 | 1.6 | 1.7 | 1.0 | 1.5 | |
| P / Cash Flow | 11.1 | 8.6 | 8.3 | 7.9 | 10.9 | |
| P / FCF | · | · | · | 8.1 | 11.2 | |
| Dividend Yield | 4.1% | 5.3% | 4.9% | 7.7% | 7.1% | |
| Earnings Yield | 8.2% | 9.4% | 6.7% | 8.6% | 9.8% | |
| Payout Ratio | 60.9% | 56.3% | 77.5% | 37.7% | 41.3% | |
| Annual Payout | $335M | $300M | $270M | $182M | $184M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | · | · | · | · | · | $269M | $268M | $261M | · | $215M | $192M | $101M | · | $16M | |
| Interest Income | $810M | $816M | $858M | $740M | $670M | $648M | $676M | $699M | $696M | $684M | $691M | $696M | $676M | $476M | $352M | $304M | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $82M | |
| Income Tax | $67M | $63M | $67M | $23M | $51M | $37M | $49M | $50M | $41M | $45M | $33M | $48M | $46M | $-5M | $29M | $27M | |
| Net Income | $208M | $192M | $215M | $96M | $152M | $87M | $143M | $146M | $121M | $124M | $94M | $136M | $133M | $-14M | $83M | $84M | |
| EPS (Basic) | $0.73 | $0.66 | $0.77 | $0.40 | $0.73 | $0.41 | $0.68 | $0.70 | $0.58 | $0.60 | $0.59 | $0.65 | $0.64 | $-0.09 | $0.63 | $0.65 | |
| EPS (Diluted) | $0.73 | $0.66 | $0.76 | $0.40 | $0.73 | $0.41 | $0.69 | $0.70 | $0.57 | $0.59 | $0.58 | $0.65 | $0.64 | $-0.09 | $0.64 | $0.65 | |
| Shares (Basic) | 285,558,000 | 290,933,000 | -417,741,000 | 237,838,000 | 209,125,000 | 208,800,000 | -416,840,000 | 208,545,000 | 208,498,000 | 208,260,000 | -377,126,000 | 208,070,000 | 207,977,000 | 156,383,000 | -258,507,000 | 129,319,000 | |
| Shares (Diluted) | 286,472,000 | 292,160,000 | -419,802,000 | 238,925,000 | 209,975,000 | 210,023,000 | -418,084,000 | 209,454,000 | 209,011,000 | 208,956,000 | -377,702,000 | 208,645,000 | 208,545,000 | 156,383,000 | -259,367,000 | 129,733,000 | |
| EBITDA | · | $21M | · | · | · | $35M | · | · | · | $40M | · | · | · | $19M | · | · |
Balance Sheet 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.77B | $2.10B | $2.38B | $2.34B | $1.94B | $2.07B | $1.88B | $2.11B | $2.07B | $2.20B | · | $2.40B | $3.41B | $3.64B | · | $318M | |
| PP&E (Net) | $424M | $426M | $422M | $416M | $357M | $345M | $349M | $338M | $338M | $337M | · | $338M | $369M | $375M | · | $162M | |
| PP&E (Gross) | · | · | $765M | · | · | · | $680M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $343M | · | · | · | $331M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $1.48B | $1.48B | $1.48B | $1.48B | $1.03B | $1.03B | $1.03B | $1.03B | $1.03B | $1.03B | · | $1.03B | $1.03B | $1.03B | · | $823M | |
| Intangibles | $633M | $671M | $712M | $754M | $430M | $456M | $484M | $513M | $542M | $572M | · | $637M | $667M | $702M | · | $28M | |
| Total Assets | $65.38B | $66.03B | $66.83B | $67.50B | $51.90B | $51.52B | $51.58B | $51.91B | $52.05B | $52.22B | · | $51.99B | $53.59B | $53.99B | · | $20.41B | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | $35M | $50M | $50M | · | · | |
| Total Liabilities | $57.83B | $58.36B | $58.99B | $59.71B | $46.56B | $46.28B | $46.46B | $46.63B | $47.07B | $47.27B | · | $47.36B | $48.76B | $49.11B | · | $18.29B | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | $35M | $50M | $50M | · | · | |
| Common Stock | $7.70B | $7.90B | $8.10B | $8.19B | $5.83B | $5.82B | $5.82B | $5.81B | $5.81B | $5.80B | · | $5.80B | $5.79B | $5.79B | · | $1.94B | |
| Retained Earnings | $160M | $59M | $-26M | $-131M | $-151M | $-227M | $-237M | $-305M | $-375M | $-419M | · | $-486M | $-546M | $-604M | · | $805M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $71M | |
| AOCI | $-310M | $-291M | $-233M | $-268M | $-334M | $-358M | $-462M | $-234M | $-456M | $-426M | · | $-680M | $-419M | $-300M | · | $-559M | |
| Stockholders' Equity | $7.55B | $7.66B | $7.84B | $7.79B | $5.34B | $5.24B | $5.12B | $5.27B | $4.98B | $4.96B | · | $4.63B | $4.83B | $4.88B | · | $2.12B | |
| Liabilities + Equity | $65.38B | $66.03B | $66.83B | $67.50B | $51.90B | $51.52B | $51.58B | $51.91B | $52.05B | $52.22B | · | $51.99B | $53.59B | $53.99B | · | $20.41B | |
| Shares Outstanding | 282,817,000 | 289,530,000 | 295,422,000 | 299,147,000 | 210,213,254 | 210,112,415 | 209,536,000 | 209,531,882 | 209,459,123 | 209,370,395 | 208,585,000 | 208,575,479 | 208,513,639 | 208,429,244 | 129,320,962 | 78,647,000 |
Cash Flow 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $21M | $39M | $34M | $33M | $21M | $36M | $37M | $37M | $40M | $42M | $39M | $44M | $19M | $7M | $-1M | |
| Stock-based Comp | $9M | $10M | $10M | $7M | $5M | $11M | $5M | $5M | $5M | $4M | $5M | $4M | $3M | $6M | $2M | $-656.0K | |
| Deferred Tax | · | · | $24M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $38M | $41M | $42M | $31M | $26M | $28M | $29M | $29M | $29M | $32M | $33M | $30M | $36M | $13M | $1M | $1M | |
| Other Non-cash | · | $271M | · | · | · | $-11M | · | · | · | $17M | · | · | · | $-50M | · | · | |
| Operating Cash Flow | $295M | $494M | $281M | $236M | $107M | $122M | $256M | $67M | $150M | $186M | $93M | $350M | $266M | $-39M | $160M | $743M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | $26.0K | $3M | · | $2M | |
| Investing Cash Flow | $239M | $112M | $583M | $1.82B | $-484M | $250M | $-122M | $322M | $-8M | $-78M | $-200M | $232M | $9M | $461M | $-698M | $-2.38B | |
| Debt Issued | $4.65B | $3.40B | $3.35B | $2.80B | $3.48B | $2.05B | $1.00B | $0 | $0 | $3.90B | $5.25B | $2.25B | $3.90B | $5.95B | $900M | $750M | |
| Net Debt Issued | · | $3.40B | · | · | · | $2.05B | · | · | · | $3.90B | · | · | · | $5.95B | · | · | |
| Stock Issued | $0 | $2M | $0 | $2M | $0 | $1M | $0 | $0 | $0 | $0 | $-185.0K | $1M | · | · | $0 | $0 | |
| Stock Repurchased | $203M | $215M | $100M | $399.0K | $2M | $7M | $0 | $386.0K | $767.0K | $5M | $-106.0K | $148.0K | $742.0K | $5M | $13.0K | $41.0K | |
| Net Stock Activity | · | $-213M | · | · | · | $-5M | · | · | · | $-5M | · | · | · | $-5M | · | · | |
| Dividends Paid | $105M | $107M | $109M | $76M | $75M | $75M | $75M | $75M | $75M | $75M | $75M | $75M | $75M | $46M | $46M | $89M | |
| Financing Cash Flow | $-864M | $-887M | $-826M | $-1.66B | $247M | $-178M | $-367M | $-347M | $-274M | $-69M | $-134M | $-1.59B | $-503M | $1.92B | $278M | $842M | |
| Net Change in Cash | $-330M | $-281M | $38M | $400M | $-131M | $194M | $-233M | $42M | $-132M | $39M | $-241M | $-1.00B | $-228M | $2.34B | $-259M | $-797M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $34M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $-42M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 30.7% | 28.4% | · | 16.5% | 29.8% | 17.6% | · | 29.4% | 25.4% | 26.2% | · | 25.9% | 25.5% | -3.3% | · | 34.3% | |
| Pretax Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 43.6% | |
| EBITDA Margin | · | 3.1% | · | · | · | 7.1% | · | · | · | 8.4% | · | · | · | 4.4% | · | · | |
| ROA | 0.35% | 0.33% | · | 0.16% | 0.29% | 0.17% | · | 0.28% | 0.23% | 0.23% | · | 0.38% | 0.36% | -0.04% | · | 0.33% | |
| ROE | 3.2% | 3.0% | · | 1.5% | 2.9% | 1.7% | · | 2.9% | 2.5% | 2.5% | · | 4.0% | 3.8% | -0.39% | · | 2.9% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | · |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $711M | $655M | · | $478M | $528M | $497M | · | $485M | $474M | $487M | · | $338M | $286M | $232M | · | $307M | |
| Market Cap | $9.06B | $7.94B | · | $7.70B | $4.91B | $5.24B | · | $5.47B | $4.17B | $4.05B | · | $4.23B | $4.23B | $4.46B | · | $2.27B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $1.87B | $871M | $879M | · | · | |
| P/E | 12.7 | 12.5 | · | 11.5 | 9.7 | 11.0 | · | 10.4 | 8.1 | 10.8 | · | 11.0 | 11.2 | 11.5 | · | 10.7 | |
| P/B | 1.2 | 1.0 | · | 1.0 | 0.9 | 1.0 | · | 1.0 | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 1.1 | |
| P / Tangible Book | 1.7 | 1.4 | · | 1.4 | 1.3 | 1.4 | · | 1.5 | 1.2 | 1.2 | · | 1.4 | 1.4 | 1.4 | · | 1.8 | |
| P / Cash Flow | · | 16.1 | · | · | · | 42.9 | · | · | · | 21.8 | · | · | · | -114.6 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -105.2 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | 46.2 | · | · | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -20.7 | · | · | |
| Earnings Yield | 7.9% | 8.0% | · | 8.7% | 10.3% | 9.1% | · | 9.6% | 12.3% | 9.2% | · | 9.1% | 8.9% | 8.7% | · | 9.3% | |
| Payout Ratio | · | 55.7% | · | · | · | 86.8% | · | · | · | 60.4% | · | · | · | -324.7% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $177M | $149M | $134M | $86M | $83M |
| Net Income | $550M | $534M | $349M | $337M | $420M |
| Diluted EPS | $2.30 | $2.55 | $1.78 | $2.60 | $3.21 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $293M | $229M |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 589 filers · $5.9B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 88 (+5 vs prior Q) | 44 (+8 vs prior Q) | 173 (-17 vs prior Q) | 193 (+31 vs prior Q) | -625K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $765,096,564 | 27,373,759 | 12.95% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $438,385,765 | 13,678,183 | 7.42% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $426,578,478 | 13,309,781 | 7.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $418,974,426 | 13,072,525 | 7.09% | Shares |
| STATE STREET CORP | $406,840,536 | 12,694,096 | 6.88% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $281,126,735 | 8,771,505 | 4.76% | Shares |
| AMERICAN CENTURY COMPANIES INC | $253,309,739 | 7,903,579 | 4.29% | Shares |
| HoldCo Asset Management, LP | $183,415,291 | 5,722,786 | 3.10% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $166,727,754 | 5,202,114 | 2.82% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $149,008,148 | 4,647,905 | 2.52% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $128,381,012 | 4,005,647 | 2.17% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $122,045,000 | 3,807,940 | 2.06% | Shares |
| MACKENZIE FINANCIAL CORP | $101,818,267 | 3,176,857 | 1.72% | Shares |
| NORGES BANK | $95,082,286 | 2,966,686 | 1.61% | Shares |
| Fisher Asset Management, LLC | $79,540,215 | 2,481,754 | 1.35% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $68,905,673 | 2,149,943 | 1.17% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $68,244,770 | 2,129,322 | 1.15% | Shares |
| FIRST TRUST ADVISORS LP | $63,421,886 | 1,978,842 | 1.07% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $58,689,063 | 1,831,172 | 0.99% | Shares |
| COOKE & BIELER LP | $48,104,262 | 1,500,913 | 0.81% | Shares |
| Quantinno Capital Management LP | $42,426,769 | 1,323,768 | 0.72% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $40,037,533 | 1,249,221 | 0.68% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $37,394,754 | 1,166,763 | 0.63% | Shares |
| Stieven Capital Advisors, L.P. | $34,349,011 | 1,071,732 | 0.58% | Shares |
| Azora Capital LP | $32,963,040 | 1,028,488 | 0.56% | Shares |
| GOLDMAN SACHS GROUP INC | $32,916,311 | 1,027,030 | 0.56% | Shares |
| MORGAN STANLEY | $29,771,136 | 928,896 | 0.50% | Shares |
| Epoch Investment Partners, Inc. | $29,613,623 | 923,982 | 0.50% | Shares |
| Balyasny Asset Management L.P. | $29,279,919 | 913,570 | 0.50% | Shares |
| D. E. Shaw & Co., Inc. | $28,771,638 | 897,711 | 0.49% | Shares |
| EASTERLY INVESTMENT PARTNERS LLC | $28,333,226 | 884,032 | 0.48% | Shares |
| Leeward Investments, LLC - MA | $27,609,184 | 861,441 | 0.47% | Shares |
| TD Asset Management Inc | $26,683,516 | 832,559 | 0.45% | Shares |
| Interval Partners, LP | $25,092,746 | 782,925 | 0.42% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $24,618,438 | 768,126 | 0.42% | Shares |
| RHUMBLINE ADVISERS | $24,079,562 | 751,314 | 0.41% | Shares |
| Rhino Investment Partners, Inc | $23,986,861 | 748,420 | 0.41% | Shares |
| AMERIPRISE FINANCIAL INC | $23,888,156 | 745,324 | 0.40% | Shares |
| Jain Global LLC | $23,769,498 | 741,638 | 0.40% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $22,821,523 | 712,060 | 0.39% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $22,338,269 | 696,988 | 0.38% | Shares |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $21,965,852 | 685,362 | 0.37% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $20,965,379 | 654,146 | 0.35% | Shares |
| BANK OF AMERICA CORP /DE/ | $20,360,179 | 635,263 | 0.34% | Shares |
| Lighthouse Investment Partners, LLC | $20,230,633 | 631,221 | 0.34% | Shares |
| Swiss National Bank | $18,649,671 | 581,893 | 0.32% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $18,509,676 | 577,525 | 0.31% | Shares |
| LONE PEAK GLOBAL INVESTORS LLC | $18,242,318 | 569,183 | 0.31% | Shares |
| Mesirow Institutional Investment Management, Inc. | $16,999,716 | 629,386 | 0.29% | Shares |
| RAYMOND JAMES FINANCIAL INC | $15,624,703 | 487,510 | 0.26% | Shares |
| California Public Employees Retirement System | $15,311,663 | 477,743 | 0.26% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $14,978,983 | 467,363 | 0.25% | Shares |
| Bridgewater Associates, LP | $14,946,101 | 466,337 | 0.25% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $14,648,439 | 457,050 | 0.25% | Shares |
| Clearbridge Investments, LLC | $13,885,432 | 433,243 | 0.23% | Shares |
| Aristotle Capital Boston, LLC | $13,484,107 | 420,721 | 0.23% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $13,385,202 | 417,635 | 0.23% | Shares |
| BARCLAYS PLC | $13,222,067 | 412,545 | 0.22% | Shares |
| First Eagle Investment Management, LLC | $12,326,430 | 384,600 | 0.21% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $12,324,635 | 384,544 | 0.21% | Shares |
| BW Gestao de Investimentos Ltda. | $12,176,853 | 379,933 | 0.21% | Shares |
| BlackRock, Inc. | $11,707,961 | 365,303 | 0.20% | Shares |
| Phocas Financial Corp. | $11,333,809 | 353,629 | 0.19% | Shares |
| XTX Topco Ltd | $11,229,967 | 350,389 | 0.19% | Shares |
| Carlson Capital, L.P. | $11,138,304 | 347,529 | 0.19% | Shares |
| Channing Capital Management, LLC | $11,049,622 | 344,762 | 0.19% | Shares |
| ALLIANCEBERNSTEIN L.P. | $10,772,172 | 392,715 | 0.18% | Shares |
| Gilman Hill Asset Management, LLC | $10,399,567 | 324,479 | 0.18% | Shares |
| ZWJ INVESTMENT COUNSEL INC | $9,989,389 | 311,681 | 0.17% | Shares |
| GABELLI FUNDS LLC | $9,936,077 | 310,018 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,851,292 | 359,143 | 0.17% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $9,721,694 | 303,329 | 0.16% | Shares |
| Brevan Howard Capital Management LP | $9,615,000 | 300,000 | 0.16% | Shares |
| Retirement Systems of Alabama | $9,596,219 | 299,414 | 0.16% | Shares |
| IEQ CAPITAL, LLC | $9,231,810 | 288,044 | 0.16% | Shares |
| Keeley-Teton Advisors, LLC | $9,167,919 | 367,599 | 0.16% | Shares |
| BancorpSouth Bank | $9,124,808 | 326,469 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,931,758 | 278,682 | 0.15% | Shares |
| Point72 Europe (London) LLP | $8,396,388 | 326,200 | 0.14% | Shares |
| Moody Aldrich Partners LLC | $8,370,274 | 261,163 | 0.14% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $7,753,248 | 241,911 | 0.13% | Shares |
| ALGEBRIS (UK) LTD | $7,495,411 | 234,605 | 0.13% | Shares |
| Walleye Capital LLC | $7,305,958 | 227,955 | 0.12% | Shares |
| TUDOR INVESTMENT CORP ET AL | $7,199,552 | 224,635 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,663,195 | 207,900 | 0.11% | Call option |
| Allworth Financial LP | $6,560,255 | 204,688 | 0.11% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $6,118,569 | 190,907 | 0.10% | Shares |
| Cinctive Capital Management LP | $6,024,599 | 187,975 | 0.10% | Shares |
| HIGHLAND CAPITAL MANAGEMENT, LLC | $5,727,495 | 178,705 | 0.10% | Shares |
| Ceredex Value Advisors LLC | $5,613,558 | 175,150 | 0.09% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $5,450,872 | 170,074 | 0.09% | Shares |
| Legal & General Group Plc | $5,386,227 | 168,057 | 0.09% | Shares |
| LPL Financial LLC | $5,337,176 | 166,527 | 0.09% | Shares |
| MALTESE CAPITAL MANAGEMENT LLC | $5,268,026 | 164,369 | 0.09% | Shares |
| Siena Capital Partners GP, LLC | $5,009,479 | 156,302 | 0.08% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $4,974,929 | 155,224 | 0.08% | Shares |
| Campbell & CO Investment Adviser LLC | $4,969,641 | 155,059 | 0.08% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $4,941,533 | 154,182 | 0.08% | Shares |
| Capital Advisors Wealth Management, LLC | $4,912,450 | 153,275 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $4,834,069 | 150,829 | 0.08% | Shares |
Company insiders 57 insiders · 27 officers · 32 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Clint Stein | Chair, President, CEO | March 1, 2026 F | 140,564 | 0 | 0 | $0 |
| Hadley S Robbins | PRESIDENT & CEO | Dec. 31, 2019 F | 26,763 | 0 | 0 | $0 |
| Melanie J Dressel | President and CEO | July 1, 2016 A | 84,114 | 0 | 0 | $0 |
| Ron L Farnsworth | Chief Financial Officer | Feb. 25, 2025 A | 141,162 | 0 | 0 | $0 |
| Greg Sigrist | EVP & CFO | Feb. 28, 2020 F | 8,126 | 0 | 0 | $0 |
| Gary R Schminkey | EVP and CFO | Feb. 22, 2012 A | 34,920 | 0 | 0 | $0 |
| Judi Giem | EVP CHRO | Aug. 14, 2026 M | 1,750 | 0 | 0 | $0 |
| Aaron James Deer | EVP Chief Strategy/Innov Offcr | June 30, 2026 P | 42,761 | 1 | 0 | $22,478 |
| Devine David Moore | EVP Chief Marketing Officer | June 8, 2026 S | 18,636 | 0 | 1 | $-1,786 |
| Brock Lakely | EVP, Chief Accounting Officer | March 13, 2026 F | 11,104 | 0 | 0 | $0 |
| Kumi Yamamoto Baruffi | EVP General Counsel, Corp Sec | March 13, 2026 F | 53,715 | 0 | 0 | $0 |
| Torran B Nixon | Senior Executive VP | March 4, 2026 S | 98,229 | 0 | 2 | $-127,932 |
| Drew K Anderson | EVP Chief Admin Officer | March 1, 2026 F | 20,678 | 0 | 0 | $0 |
| Christopher Merrywell | Senior Executive VP | March 1, 2026 F | 41,027 | 0 | 0 | $0 |
| Andrew H Ognall | EVP Chief Risk Officer | March 1, 2026 F | 72,702 | 0 | 0 | $0 |
| Frank Namdar | EVP Chief Credit Officer | Feb. 15, 2026 F | 32,278 | 0 | 0 | $0 |
| Lisa M White | PAO & Corporate Controller | Feb. 28, 2025 F | 29,045 | 0 | 0 | $0 |
| Lisa Dow | Chief Risk Officer | Feb. 28, 2025 F | 35,110 | 0 | 0 | $0 |
| Cort L O'Haver | Executive Chairman | Feb. 25, 2025 A | 390,824 | 0 | 0 | $0 |
| Sheri Burns | Chief Human Resources Officer | March 8, 2024 F | 42,488 | 0 | 0 | $0 |
| Eric J Eid | EVP Chief Digital & Tech Off | Feb. 28, 2023 A | 29,243 | 0 | 0 | $0 |
| David C Lawson | EVP Chief H.R. Officer | Feb. 28, 2023 A | 28,152 | 0 | 0 | $0 |
| Andy Mcdonald | EVP Chief Credit Officer | Feb. 28, 2023 A | 49,686 | 0 | 0 | $0 |
| Barry S Ray | SVP & CAO | Feb. 28, 2018 A | 13,108 | 0 | 0 | $0 |
| Mark W Nelson | Executive Vice President | Sept. 30, 2013 D | 34,217 | 0 | 0 | $0 |
| Evans Q Whitney | Executive Vice President | Jan. 10, 2007 P | 50,439 | 0 | 0 | $0 |
| Harald R Russell | Executive Vice President | Dec. 31, 2003 I | 4,803 | 0 | 0 | $0 |
| Luis Machuca | Director | June 15, 2026 A | 29,953 | 0 | 0 | $0 |
| Anddria Varnado | Director | May 14, 2026 A | 30,894 | 0 | 0 | $0 |
| John F Schultz | Director | May 14, 2026 A | 50,384 | 0 | 0 | $0 |
| Jaynie M Studenmund | Director | May 14, 2026 A | 21,807 | 0 | 0 | $0 |
| Steven R Gardner | Director | Jan. 30, 2026 S | 0 | 0 | 1 | $-403,927 |
| Randal Lee Lund | Director | May 15, 2025 A | 23,714 | 0 | 0 | $0 |
| Eric Forrest | Director | May 15, 2025 A | 32,402 | 0 | 0 | $0 |
| Elizabeth Whitehead Seaton | Director | May 15, 2025 A | 32,566 | 0 | 0 | $0 |
| Mark A Finkelstein | Director | May 15, 2025 A | 31,605 | 0 | 0 | $0 |
| Hilliard C. Terry III | Director | May 15, 2025 A | 51,565 | 0 | 0 | $0 |
| Mae S Fujita Numata | Director | May 15, 2025 A | 37,113 | 0 | 0 | $0 |
| Maria M Pope | Director | May 15, 2025 A | 47,569 | 0 | 0 | $0 |
| Craig D Eerkes | Director | May 10, 2024 A | 35,346 | 0 | 0 | $0 |
| Peggy Y Fowler | Director | May 10, 2024 A | 8,211 | 0 | 0 | $0 |
| Tracy Mack-Askew | Director | Feb. 28, 2023 | — | 0 | 0 | $0 |
| Laura Alvarez Schrag | Director | Feb. 28, 2023 | — | 0 | 0 | $0 |
| Janine Terrano | Director | Feb. 28, 2023 | — | 0 | 0 | $0 |
| Michelle Lantow | Director | Feb. 28, 2023 | — | 0 | 0 | $0 |
| Ford Elsaesser | Director | Feb. 28, 2023 | — | 0 | 0 | $0 |
| Tom Hulbert | Director | April 27, 2022 | — | 0 | 0 | $0 |
| David A Dietzler | Director | June 28, 2018 A | 12,303 | 0 | 0 | $0 |
| John Folsom | Director | June 28, 2018 A | 13,691 | 0 | 0 | $0 |
| William T Weyerhaeuser | Director | June 28, 2018 A | 30,188 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 92 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| WBIY · Absolute Shares Trust | 1.60% | 29,466 NS | June 30, 2026 | N-PORT |
| GSC · Goldman Sachs ETF Trust | 1.17% | 99,536 NS | May 31, 2026 | N-PORT |
| DPST · Direxion Shares ETF Trust | 1.03% | 172,276 NS | April 30, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.81% | 47,601 NS | April 30, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.64% | 13,660 NS | April 30, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.64% | 232,402 NS | April 30, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.64% | 546 NS | June 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.57% | 1,448,995 NS | April 30, 2026 | N-PORT |
| AUSF · Global X Funds | 0.51% | 145,380 NS | May 31, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.40% | 3,673,305 NS | May 31, 2026 | N-PORT |
| HIDV · AB Active ETFs, Inc. | 0.37% | 24,138 NS | May 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.36% | 38,460 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.35% | 398 NS | May 29, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.32% | 1,487,330 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.30% | 22,129 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.26% | 33,940 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.24% | 51,119 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.22% | 99,270 NS | April 30, 2026 | N-PORT |
| SCHD · SCHWAB STRATEGIC TRUST | 0.22% | 7,050,732 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.21% | 618,428 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.20% | 160,341 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.19% | 10,210 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.18% | 1,417,818 NS | May 31, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.18% | 38,486 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.18% | 830,267 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.17% | 4,893 NS | April 30, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 42,559 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 115,037 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.16% | 798,079 NS | May 31, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.13% | 1,426 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.11% | 79,127 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.10% | 13,040 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.09% | 4,269 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.08% | 57,288 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.06% | 8,303 NS | April 30, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.05% | 8,300 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.05% | 11,718 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.04% | 217,729 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.04% | 40,594 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.04% | 602,015 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.03% | 141,080 NS | May 31, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.03% | 13,226 NS | May 31, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.03% | 3,578 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.02% | 73,410 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.02% | 1,774 NS | May 29, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.02% | 4,261 NS | May 31, 2026 | N-PORT |
| JUST · Goldman Sachs ETF Trust | 0.02% | 3,608 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 12,153 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.02% | 64,362 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 6,458 NS | May 31, 2026 | N-PORT |