Clearbridge Investments LLC Lowers Stake in Columbia Banking System, Inc. $COLB

Clearbridge Investments LLC cut its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 7.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 349,859 shares of the financial services provider’s stock after selling 28,061 shares during the quarter. Clearbridge Investments LLC’s holdings in Columbia Banking System were worth $9,779,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. lifted its stake in shares of Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 794 shares during the period. Horizon Investments LLC lifted its stake in shares of Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 773 shares during the period. Torren Management LLC purchased a new position in shares of Columbia Banking System during the 4th quarter worth $49,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Columbia Banking System during the 4th quarter worth $58,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Columbia Banking System during the 3rd quarter worth $63,000. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Trading Up 0.6%

COLB stock opened at $30.32 on Thursday. The stock has a 50-day moving average price of $29.22 and a two-hundred day moving average price of $28.95. Columbia Banking System, Inc. has a 12-month low of $21.91 and a 12-month high of $32.70. The company has a market cap of $8.78 billion, a PE ratio of 12.08 and a beta of 0.63.

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

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a $0.37 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.9%. Columbia Banking System’s dividend payout ratio (DPR) is presently 58.96%.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were 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 in the company, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 5,020 shares of company stock valued at $145,381 in the last 90 days. Company insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on COLB. UBS Group began coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target for the company. JPMorgan Chase & Co. lowered their price target on Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Barclays lowered their price target on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, April 7th. Finally, Citigroup increased their price target 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. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Columbia Banking System currently has an average rating of “Hold” and an average target price of $32.13.

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.