Cinctive Capital Management LP Makes New $7.89 Million Investment in Columbia Banking System, Inc. $COLB

Cinctive Capital Management LP purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the fourth quarter, Holdings Channel.com reports. The fund purchased 282,188 shares of the financial services provider’s stock, valued at approximately $7,887,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Columbia Banking System by 14.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock worth $193,977,000 after purchasing an additional 929,862 shares during the last quarter. HoldCo Asset Management LP grew its stake in shares of Columbia Banking System by 27.6% in the 3rd quarter. HoldCo Asset Management LP now owns 5,722,786 shares of the financial services provider’s stock worth $147,305,000 after purchasing an additional 1,239,489 shares during the last quarter. Channing Capital Management LLC acquired a new position in shares of Columbia Banking System in the 3rd quarter worth approximately $10,965,000. AMG National Trust Bank acquired a new position in shares of Columbia Banking System in the 3rd quarter worth approximately $1,654,000. Finally, Lighthouse Investment Partners LLC grew its stake in shares of Columbia Banking System by 268.5% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 664,684 shares of the financial services provider’s stock worth $17,109,000 after purchasing an additional 484,304 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction on 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 sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.57% of the stock is currently owned by insiders.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $30.05 on Thursday. The firm’s 50 day simple moving average is $29.52 and its 200-day simple moving average is $29.05. The company has a market cap of $8.70 billion, a P/E ratio of 11.97 and a beta of 0.63. Columbia Banking System, Inc. has a fifty-two week low of $21.91 and a fifty-two week high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.04. The business had revenue of $675.00 million for the quarter, compared to the consensus estimate of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The firm’s quarterly revenue was up 37.9% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share. On average, analysts expect that Columbia Banking System, Inc. will post 3.08 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a $0.37 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. Columbia Banking System’s dividend payout ratio is presently 58.96%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on COLB. Citigroup lifted their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Wells Fargo & Company lifted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, March 30th. Barclays lowered their price objective on shares of Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings raised shares of Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Finally, Wall Street Zen cut shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.13.

About Columbia Banking System

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.