The Manufacturers Life Insurance Company boosted its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) by 15.9% in the first quarter, HoldingsChannel.com reports. The fund owned 2,071,915 shares of the financial services provider’s stock after buying an additional 284,093 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Columbia Banking System were worth $56,833,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of COLB. Quantinno Capital Management LP grew its position in shares of Columbia Banking System by 12.4% in the first quarter. Quantinno Capital Management LP now owns 1,066,686 shares of the financial services provider’s stock valued at $29,259,000 after purchasing an additional 117,442 shares during the last quarter. Weiss Asset Management LP acquired a new position in shares of Columbia Banking System during the 1st quarter worth approximately $1,982,000. Renaissance Technologies LLC purchased a new stake in Columbia Banking System in the 1st quarter valued at approximately $3,879,000. Gabelli Funds LLC lifted its stake in Columbia Banking System by 7.6% in the 1st quarter. Gabelli Funds LLC now owns 287,406 shares of the financial services provider’s stock valued at $7,884,000 after buying an additional 20,409 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Columbia Banking System in the 1st quarter valued at approximately $2,081,000. Hedge funds and other institutional investors own 92.53% of the company’s stock.
Columbia Banking System Stock Performance
Shares of COLB opened at $30.78 on Thursday. The stock has a fifty day moving average of $31.10 and a two-hundred day moving average of $29.75. The company has a market capitalization of $8.91 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 2.14 and a beta of 0.62. Columbia Banking System, Inc. has a fifty-two week low of $22.77 and a fifty-two week high of $33.67.
Columbia Banking System Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a $0.37 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.8%. Columbia Banking System’s payout ratio is 58.96%.
Analysts Set New Price Targets
Several research firms have weighed in on COLB. Wells Fargo & Company raised their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Wall Street Zen lowered Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Fundamental Research set a $35.00 price objective on Columbia Banking System in a research report on Wednesday, July 1st. Finally, UBS Group assumed coverage on shares of Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $33.27.
Get Our Latest Stock Report on Columbia Banking System
Insider Buying and Selling
In other news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the transaction, the chief marketing officer owned 18,636 shares of the company’s stock, valued at $554,793.72. This represents a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.57% of the stock is owned by company insiders.
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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