Corient Private Wealth LP purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB – Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 53,355 shares of the financial services provider’s stock, valued at approximately $1,710,000.
Several other large investors also recently bought and sold shares of COLB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Columbia Banking System in the 2nd quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Columbia Banking System during the 2nd quarter worth approximately $31,000. Cedar Mountain Advisors LLC boosted its holdings in shares of Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 949 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares in the last quarter. Finally, Horizon Investments LLC grew its position in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 773 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on COLB. Zacks Research raised Columbia Banking System from a “strong sell” rating to a “hold” rating in a report on Monday. Stephens upped their target price on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Weiss Ratings upgraded Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. DA Davidson raised Columbia Banking System from a “neutral” rating to a “buy” rating and raised their target price for the stock from $33.00 to $36.00 in a research note on Tuesday. Finally, Fundamental Research set a $35.00 price target on Columbia Banking System in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.
Insider Buying and Selling
In other news, CMO David Moore Devine sold 3,872 shares of the company’s 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.
Columbia Banking System Price Performance
Shares of NASDAQ COLB opened at $30.45 on Friday. The company has a 50 day simple moving average of $31.58 and a 200-day simple moving average of $29.98. The company has a market capitalization of $8.61 billion, a P/E ratio of 12.13, a P/E/G ratio of 2.98 and a beta of 0.62. Columbia Banking System, Inc. has a 1 year low of $23.83 and a 1 year high of $33.67.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The firm had revenue of $677.00 million for the quarter, compared to analysts’ expectations of $687.40 million. During the same period in the prior year, the firm posted $0.76 earnings per share. As a group, research analysts expect that Columbia Banking System, Inc. will post 3.03 EPS for the current year.
Columbia Banking System Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be given a $0.37 dividend. The ex-dividend date is Friday, August 28th. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. Columbia Banking System’s payout ratio is currently 58.96%.
Columbia Banking System 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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