AlphaCore Capital LLC Invests $475,000 in Columbia Banking System, Inc. $COLB

AlphaCore Capital LLC bought a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 18,461 shares of the financial services provider’s stock, valued at approximately $475,000.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in Columbia Banking System by 35.4% in the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after buying an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Columbia Banking System by 23.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock valued at $2,063,000 after acquiring an additional 15,845 shares during the period. Millennium Management LLC increased its stake in shares of Columbia Banking System by 572.7% in the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock valued at $12,089,000 after purchasing an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Columbia Banking System by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock worth $12,290,000 after purchasing an additional 108,994 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Columbia Banking System by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock worth $22,128,000 after purchasing an additional 16,165 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Down 7.0%

Shares of COLB opened at $28.45 on Friday. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $32.70. The stock has a fifty day simple moving average of $29.66 and a two-hundred day simple moving average of $27.73. The company has a market capitalization of $8.51 billion, a PE ratio of 12.59 and a beta of 0.61.

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

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 5.2%. Columbia Banking System’s dividend payout ratio is 65.49%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COLB. Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a research report on Monday, December 29th. Royal Bank Of Canada boosted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Keefe, Bruyette & Woods upped their price objective 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. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. Finally, Piper Sandler boosted their target price on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $32.04.

Insider Activity

In other news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.68% of the stock is owned by corporate insiders.

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.