Caprock Group LLC Takes $1.95 Million Position in Columbia Banking System, Inc. $COLB

Caprock Group LLC acquired a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 71,944 shares of the financial services provider’s stock, valued at approximately $1,952,000.

Several other institutional investors also recently bought and sold shares of COLB. Principal Financial Group Inc. grew its holdings in Columbia Banking System by 39.4% in the 3rd quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider’s stock worth $17,094,000 after acquiring an additional 187,551 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Columbia Banking System by 145.3% during the third quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider’s stock worth $180,671,000 after purchasing an additional 4,157,835 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Columbia Banking System by 45.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider’s stock worth $7,179,000 after purchasing an additional 87,627 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Columbia Banking System during the 2nd quarter valued at about $2,187,000. Finally, Massachusetts Financial Services Co. MA raised its position in Columbia Banking System by 25.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock valued at $192,941,000 after purchasing an additional 1,497,177 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on COLB shares. TD Cowen restated a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Stephens increased their price target on shares of Columbia Banking System from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a report on Monday, December 29th. UBS Group reiterated a “neutral” rating and set a $33.00 target price on shares of Columbia Banking System in a report on Wednesday, February 4th. Finally, Royal Bank Of Canada raised their target price on Columbia Banking System from $30.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average price target of $31.88.

Columbia Banking System Price Performance

COLB opened at $31.49 on Friday. The firm has a market cap of $9.42 billion, a PE ratio of 13.93 and a beta of 0.61. The stock has a 50-day moving average price of $29.31 and a 200-day moving average price of $27.24. Columbia Banking System, Inc. has a 1 year low of $19.61 and a 1 year high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates 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 period last year, the business earned $0.71 EPS. As a group, sell-side analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 4.7%. Columbia Banking System’s dividend payout ratio (DPR) is 65.49%.

Insider Buying and Selling

In other Columbia Banking System news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.68% of the company’s stock.

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.