The Manufacturers Life Insurance Company Purchases Shares of 2,149,943 Columbia Banking System, Inc. $COLB

The Manufacturers Life Insurance Company purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the second quarter, HoldingsChannel reports. The institutional investor purchased 2,149,943 shares of the financial services provider’s stock, valued at approximately $68,906,000.

Other hedge funds have also made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in shares of Columbia Banking System in the second quarter valued at $875,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Columbia Banking System during the second quarter worth about $416,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Columbia Banking System during the second quarter worth about $216,000. Vista Investment Management acquired a new stake in Columbia Banking System in the 2nd quarter worth about $698,000. Finally, Commerce Bank acquired a new stake in Columbia Banking System in the 2nd quarter worth about $691,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

Insider Buying and Selling

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction that occurred 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 transaction, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.57% of the company’s stock.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $30.53 on Wednesday. The firm has a market capitalization of $8.64 billion, a PE ratio of 12.16, a P/E/G ratio of 3.04 and a beta of 0.63. The business has a 50-day moving average of $31.70 and a two-hundred day moving average of $30.06. Columbia Banking System, Inc. has a 12 month low of $23.83 and a 12 month high of $33.67.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. The company had revenue of $677.00 million for the quarter, compared to the consensus estimate of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period last year, the business posted $0.76 EPS. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be issued a $0.37 dividend. The ex-dividend date is Friday, August 28th. This represents a $1.48 annualized dividend and a yield of 4.8%. Columbia Banking System’s dividend payout ratio (DPR) is presently 58.96%.

Analysts Set New Price Targets

Several research firms have commented on COLB. Zacks Research cut Columbia Banking System from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Barclays cut their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Monday, August 3rd. Stephens raised their target price on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $32.00 to $34.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Finally, Royal Bank Of Canada upped their price target on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and a consensus price target of $33.35.

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.