Mengis Capital Management Inc. Sells 392 Shares of Columbia Banking System Inc (NASDAQ:COLB)

Mengis Capital Management Inc. trimmed its holdings in Columbia Banking System Inc (NASDAQ:COLB) by 2.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,598 shares of the financial services provider’s stock after selling 392 shares during the quarter. Mengis Capital Management Inc.’s holdings in Columbia Banking System were worth $538,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Eagle Asset Management Inc. raised its stake in shares of Columbia Banking System by 7.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 503,989 shares of the financial services provider’s stock worth $18,597,000 after purchasing an additional 34,313 shares in the last quarter. Alps Advisors Inc. bought a new stake in shares of Columbia Banking System during the 3rd quarter worth approximately $362,000. First National Bank of Omaha raised its stake in shares of Columbia Banking System by 3.3% during the 3rd quarter. First National Bank of Omaha now owns 32,820 shares of the financial services provider’s stock worth $1,211,000 after purchasing an additional 1,044 shares in the last quarter. Teton Advisors Inc. raised its stake in shares of Columbia Banking System by 19.6% during the 3rd quarter. Teton Advisors Inc. now owns 17,701 shares of the financial services provider’s stock worth $653,000 after purchasing an additional 2,900 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Columbia Banking System by 49.0% during the 3rd quarter. California Public Employees Retirement System now owns 160,246 shares of the financial services provider’s stock worth $5,913,000 after purchasing an additional 52,728 shares in the last quarter. 89.70% of the stock is owned by institutional investors and hedge funds.

COLB traded down $0.12 during trading hours on Monday, reaching $40.59. The company’s stock had a trading volume of 135,049 shares, compared to its average volume of 307,289. Columbia Banking System Inc has a 52 week low of $30.65 and a 52 week high of $41.05. The company’s 50-day moving average is $37.58 and its 200-day moving average is $36.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $2.94 billion, a PE ratio of 16.44 and a beta of 1.08.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. Columbia Banking System had a return on equity of 9.21% and a net margin of 31.02%. The business had revenue of $150.48 million for the quarter, compared to analysts’ expectations of $146.70 million. During the same quarter in the prior year, the business earned $0.63 EPS. Equities analysts anticipate that Columbia Banking System Inc will post 2.63 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Wednesday, November 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Tuesday, November 5th. Columbia Banking System’s dividend payout ratio (DPR) is presently 45.34%.

In related news, EVP David C. Lawson sold 1,164 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $39.95, for a total value of $46,501.80. Following the sale, the executive vice president now owns 16,544 shares in the company, valued at approximately $660,932.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

A number of equities research analysts have recently issued reports on COLB shares. Stephens reiterated a “hold” rating and set a $38.00 price objective on shares of Columbia Banking System in a research note on Thursday, October 24th. Zacks Investment Research cut Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. BidaskClub upgraded Columbia Banking System from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada set a $40.00 price target on Columbia Banking System and gave the company a “hold” rating in a research note on Friday, October 25th. Finally, ValuEngine upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $39.75.

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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Institutional Ownership by Quarter for Columbia Banking System (NASDAQ:COLB)

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