Mirabella Financial Services LLP Invests $2.72 Million in Columbia Banking System, Inc. $COLB

Mirabella Financial Services LLP purchased a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 105,793 shares of the financial services provider’s stock, valued at approximately $2,723,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COLB. AQR Capital Management LLC raised its stake in Columbia Banking System by 35.4% during the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after buying an additional 14,824 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Columbia Banking System by 23.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock worth $2,063,000 after acquiring an additional 15,845 shares during the last quarter. Millennium Management LLC grew its stake in shares of Columbia Banking System by 572.7% in the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after acquiring an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Columbia Banking System by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock valued at $12,290,000 after acquiring an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Columbia Banking System by 1.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock worth $22,128,000 after purchasing an additional 16,165 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Insider Activity at Columbia Banking System

In related news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the sale, the vice president directly owned 100,469 shares of the company’s stock, valued at approximately $2,838,249.25. This trade represents a 2.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,354 shares of company stock valued at $561,971 over the last three months. 0.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Columbia Banking System from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. UBS Group restated a “neutral” rating and set a $33.00 price objective on shares of Columbia Banking System in a research note on Wednesday, February 4th. DA Davidson lifted their target price on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Citigroup upped their target price 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. Finally, TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Columbia Banking System presently has an average rating of “Hold” and a consensus target price of $32.04.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $26.20 on Thursday. Columbia Banking System, Inc. has a one year low of $19.61 and a one year high of $32.70. The business’s fifty day moving average is $29.33 and its 200 day moving average is $27.81. The stock has a market capitalization of $7.74 billion, a PE ratio of 11.59 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. The business had revenue of $715.00 million during the quarter, compared to analyst estimates of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same quarter in the previous year, the firm earned $0.71 EPS. As a group, sell-side analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were paid a $0.37 dividend. The ex-dividend date was Friday, February 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.6%. Columbia Banking System’s payout ratio is currently 65.49%.

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.