State Street Corp Increases Position in Columbia Banking System, Inc. (NASDAQ:COLB)

State Street Corp raised its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 74.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,754,433 shares of the financial services provider’s stock after buying an additional 1,179,254 shares during the period. State Street Corp owned approximately 4.72% of Columbia Banking System worth $107,399,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of COLB. Bank of America Corp DE boosted its position in shares of Columbia Banking System by 26.8% in the first quarter. Bank of America Corp DE now owns 341,184 shares of the financial services provider’s stock valued at $13,302,000 after buying an additional 72,021 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Columbia Banking System by 7.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 353,604 shares of the financial services provider’s stock valued at $13,788,000 after buying an additional 25,644 shares during the last quarter. BlackRock Inc. raised its stake in Columbia Banking System by 49,309.5% in the first quarter. BlackRock Inc. now owns 7,207,371 shares of the financial services provider’s stock valued at $281,015,000 after buying an additional 7,192,784 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Columbia Banking System during the first quarter valued at approximately $4,916,000. Finally, Citadel Advisors LLC purchased a new stake in Columbia Banking System during the first quarter valued at approximately $318,000. Institutional investors own 95.49% of the company’s stock.

Shares of Columbia Banking System, Inc. (NASDAQ COLB) traded up 1.11% during trading on Friday, hitting $39.31. 175,855 shares of the company traded hands. The company has a 50-day moving average of $39.66 and a 200-day moving average of $39.38. Columbia Banking System, Inc. has a 52-week low of $30.74 and a 52-week high of $45.68. The stock has a market capitalization of $2.29 billion, a PE ratio of 19.94 and a beta of 1.22.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.01. The business had revenue of $110.30 million during the quarter, compared to analyst estimates of $112.27 million. Columbia Banking System had a net margin of 25.82% and a return on equity of 8.99%. During the same period last year, the company earned $0.44 earnings per share. Equities analysts expect that Columbia Banking System, Inc. will post $2.07 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Monday, August 7th. Columbia Banking System’s dividend payout ratio (DPR) is 44.67%.

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Several research firms have commented on COLB. Piper Jaffray Companies raised shares of Columbia Banking System from a “neutral” rating to an “overweight” rating and increased their price target for the company from $43.00 to $46.00 in a research report on Monday, July 31st. Zacks Investment Research lowered shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada reissued a “hold” rating and set a $42.00 price target on shares of Columbia Banking System in a research report on Friday, July 28th. BidaskClub lowered shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price target on shares of Columbia Banking System in a research report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Columbia Banking System presently has a consensus rating of “Hold” and an average target price of $44.40.

In related news, CFO Clint Stein sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $40.09, for a total value of $320,720.00. Following the completion of the transaction, the chief financial officer now directly owns 22,877 shares of the company’s stock, valued at $917,138.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.23% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.

Institutional Ownership by Quarter for Columbia Banking System (NASDAQ:COLB)

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