Arizona State Retirement System Lowers Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Arizona State Retirement System lessened its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,305 shares of the financial services provider’s stock after selling 1,049 shares during the period. Arizona State Retirement System’s holdings in Columbia Banking System were worth $1,556,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COLB. Oak Thistle LLC acquired a new position in shares of Columbia Banking System in the fourth quarter valued at approximately $1,037,000. Caprock Group LLC increased its stake in Columbia Banking System by 2.3% in the 4th quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock valued at $925,000 after buying an additional 781 shares during the period. First Pacific Financial purchased a new position in Columbia Banking System during the 4th quarter worth $40,000. Pacer Advisors Inc. lifted its stake in shares of Columbia Banking System by 78.7% in the 4th quarter. Pacer Advisors Inc. now owns 31,359 shares of the financial services provider’s stock worth $837,000 after acquiring an additional 13,814 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Columbia Banking System by 18.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 55,708 shares of the financial services provider’s stock valued at $1,486,000 after acquiring an additional 8,653 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Performance

COLB stock opened at $17.65 on Friday. The stock’s 50 day moving average price is $18.59 and its 200 day moving average price is $21.24. The firm has a market cap of $3.69 billion, a P/E ratio of 10.70 and a beta of 0.71. Columbia Banking System, Inc. has a 1 year low of $17.18 and a 1 year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). The company had revenue of $519.16 million for the quarter, compared to analyst estimates of $525.94 million. Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The firm’s revenue was up 52.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.93 EPS. On average, research analysts predict that Columbia Banking System, Inc. will post 2.25 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 8.16%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio is presently 87.27%.

Insider Activity at Columbia Banking System

In other news, CEO Clint Stein bought 9,500 shares of the stock in a transaction on Tuesday, January 30th. The stock was purchased at an average cost of $20.96 per share, with a total value of $199,120.00. Following the purchase, the chief executive officer now owns 165,684 shares of the company’s stock, valued at $3,472,736.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Columbia Banking System news, insider Aaron James Deer bought 2,000 shares of Columbia Banking System stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the transaction, the insider now owns 36,850 shares of the company’s stock, valued at approximately $711,942. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clint Stein purchased 9,500 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was acquired at an average cost of $20.96 per share, for a total transaction of $199,120.00. Following the completion of the purchase, the chief executive officer now owns 165,684 shares in the company, valued at approximately $3,472,736.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 35,133 shares of company stock valued at $719,737. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, April 4th. Royal Bank of Canada decreased their price target on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. Stephens cut Columbia Banking System from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $31.00 to $24.00 in a research report on Thursday, January 25th. Barclays began coverage on shares of Columbia Banking System in a research report on Friday, March 8th. They set an “equal weight” rating and a $20.00 target price on the stock. Finally, TheStreet downgraded shares of Columbia Banking System from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.42.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.