Mirae Asset Global Investments Co. Ltd. Buys 87,627 Shares of Columbia Banking System, Inc. $COLB

Mirae Asset Global Investments Co. Ltd. grew its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 45.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,899 shares of the financial services provider’s stock after purchasing an additional 87,627 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.13% of Columbia Banking System worth $7,179,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. True Wealth Design LLC grew its stake in Columbia Banking System by 612.8% in the 3rd quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after buying an additional 864 shares during the last quarter. West Oak Capital LLC bought a new stake in Columbia Banking System during the third quarter valued at about $28,000. Quent Capital LLC acquired a new stake in shares of Columbia Banking System in the third quarter valued at about $29,000. Geneos Wealth Management Inc. increased its stake in shares of Columbia Banking System by 194.6% in the first 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. Finally, First Horizon Corp acquired a new position in shares of Columbia Banking System during the 3rd quarter worth about $31,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COLB has been the topic of a number of research analyst reports. Stephens raised their target price on Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. UBS Group reissued a “neutral” rating and issued a $30.00 price objective on shares of Columbia Banking System in a research report on Tuesday, January 6th. JPMorgan Chase & Co. boosted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Columbia Banking System in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $31.65.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $29.44 on Friday. The company has a 50-day moving average of $28.66 and a 200-day moving average of $26.77. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $31.11. The company has a market capitalization of $8.81 billion, a price-to-earnings ratio of 13.03 and a beta of 0.60.

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

Columbia Banking System Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Friday, November 28th. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. 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.