Cresset Asset Management LLC Purchases Shares of 32,671 Columbia Banking System, Inc. $COLB

Cresset Asset Management LLC purchased a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 32,671 shares of the financial services provider’s stock, valued at approximately $841,000.

Several other institutional investors also recently modified their holdings of COLB. First Eagle Investment Management LLC purchased a new stake in Columbia Banking System in the third quarter valued at approximately $1,030,000. Teachers Retirement System of The State of Kentucky grew its stake in Columbia Banking System by 39.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 91,570 shares of the financial services provider’s stock worth $2,357,000 after buying an additional 25,770 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Columbia Banking System by 5.6% in the 3rd quarter. Victory Capital Management Inc. now owns 156,552 shares of the financial services provider’s stock worth $4,030,000 after buying an additional 8,249 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Columbia Banking System during the 3rd quarter valued at $231,000. Finally, Fisher Asset Management LLC raised its position in shares of Columbia Banking System by 31.2% during the 3rd quarter. Fisher Asset Management LLC now owns 2,627,448 shares of the financial services provider’s stock valued at $67,631,000 after buying an additional 625,434 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

COLB has been the subject of several research reports. JPMorgan Chase & Co. upped 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. Royal Bank Of Canada raised their price target on Columbia Banking System from $30.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. Citigroup lifted their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Finally, Stephens increased their price objective on Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average price target of $32.04.

Columbia Banking System Price Performance

NASDAQ COLB opened at $26.96 on Wednesday. Columbia Banking System, Inc. has a 1 year low of $19.61 and a 1 year high of $32.70. The stock has a market capitalization of $7.97 billion, a PE ratio of 11.93 and a beta of 0.60. The business’s 50-day moving average is $29.58 and its 200 day moving average is $27.84.

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

Columbia Banking System Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 5.5%. Columbia Banking System’s payout ratio is 65.49%.

Insider Buying and Selling

In related news, VP Torran B. Nixon sold 2,241 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the transaction, the vice president owned 100,469 shares in the company, valued at $2,838,249.25. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven R. Gardner sold 13,725 shares of the firm’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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 18,206 shares of company stock valued at $531,859. 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.