Channing Capital Management LLC Makes New Investment in Columbia Banking System, Inc. $COLB

Channing Capital Management LLC purchased a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 425,986 shares of the financial services provider’s stock, valued at approximately $10,965,000. Channing Capital Management LLC owned 0.20% of Columbia Banking System at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in COLB. Vanguard Group Inc. increased its position in Columbia Banking System by 41.3% during the 3rd quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after purchasing an additional 8,730,937 shares during the period. HoldCo Asset Management LP bought a new position in shares of Columbia Banking System during the second quarter valued at approximately $104,819,000. Bank of New York Mellon Corp increased its holdings in 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 valued at $180,671,000 after buying an additional 4,157,835 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Columbia Banking System by 25.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock worth $192,941,000 after buying an additional 1,497,177 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Columbia Banking System by 18.3% during the second quarter. American Century Companies Inc. now owns 8,948,687 shares of the financial services provider’s stock worth $209,220,000 after buying an additional 1,381,597 shares during the period. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $31.76 on Friday. Columbia Banking System, Inc. has a one year low of $19.61 and a one year high of $32.70. The stock has a market cap of $9.50 billion, a PE ratio of 14.05 and a beta of 0.61. The stock has a 50-day moving average of $29.57 and a two-hundred day moving average of $27.53.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.72 by $0.10. The firm 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 firm posted $0.71 EPS. As a group, sell-side analysts predict that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COLB. JPMorgan Chase & Co. lifted their price target on Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Keefe, Bruyette & Woods lifted their target price on Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Stephens boosted their target price on shares of Columbia Banking System from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. TD Cowen restated a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Finally, Barclays lifted their price objective on shares of Columbia Banking System from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.88.

Insider Buying and Selling at Columbia Banking System

In related news, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.68% of the stock is owned by company insiders.

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.