Carlson Capital L.P. purchased a new stake in Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 66,509 shares of the financial services provider’s stock, valued at approximately $1,824,000. Columbia Banking System makes up 0.6% of Carlson Capital L.P.’s holdings, making the stock its 28th largest holding.
Several other large investors have also recently added to or reduced their stakes in COLB. Geneos Wealth Management Inc. increased its holdings in shares of Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after buying an additional 794 shares in the last quarter. Cedar Mountain Advisors LLC raised its stake in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 949 shares during the last quarter. Horizon Investments LLC boosted its holdings in shares of Columbia Banking System by 168.8% in the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 773 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of Columbia Banking System in the 4th quarter worth approximately $36,000. Finally, Hilton Head Capital Partners LLC acquired a new position in shares of Columbia Banking System in the 4th quarter worth approximately $43,000. 92.53% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
COLB has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, July 24th. UBS Group began coverage on Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price objective on the stock. Wells Fargo & Company increased their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Royal Bank Of Canada increased their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. Finally, Weiss Ratings upgraded Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $33.27.
Insider Activity at Columbia Banking System
In other news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.57% of the company’s stock.
Columbia Banking System Price Performance
COLB opened at $31.27 on Friday. Columbia Banking System, Inc. has a one year low of $22.77 and a one year high of $33.67. The company’s 50 day simple moving average is $31.16 and its 200-day simple moving average is $29.77. The stock has a market capitalization of $9.05 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 3.10 and a beta of 0.62.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The business had revenue of $680.00 million during the quarter, compared to analyst estimates of $687.40 million. During the same quarter last year, the business posted $0.76 earnings per share. As a group, analysts anticipate that Columbia Banking System, Inc. will post 3.03 EPS for the current year.
Columbia Banking System Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Friday, May 29th. Columbia Banking System’s dividend payout ratio (DPR) is presently 58.96%.
Columbia Banking System Company Profile
Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.
The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.
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