Eagle Asset Management Inc. boosted its holdings in Columbia Banking System Inc (NASDAQ:COLB) by 36.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 274,776 shares of the financial services provider’s stock after purchasing an additional 73,822 shares during the quarter. Eagle Asset Management Inc.’s holdings in Columbia Banking System were worth $11,857,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of COLB. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Columbia Banking System by 79.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,343 shares of the financial services provider’s stock worth $145,000 after buying an additional 1,476 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Columbia Banking System in the 4th quarter worth $178,000. Teacher Retirement System of Texas purchased a new stake in Columbia Banking System in the 3rd quarter worth $202,000. Janney Montgomery Scott LLC purchased a new position in shares of Columbia Banking System during the third quarter valued at about $204,000. Finally, Yellowstone Partners LLC purchased a new position in shares of Columbia Banking System during the third quarter valued at about $224,000. Institutional investors and hedge funds own 81.94% of the company’s stock.
A number of research analysts have recently weighed in on the company. Sandler O’Neill restated a “hold” rating and set a $48.00 price objective on shares of Columbia Banking System in a research report on Friday, January 26th. Piper Jaffray Companies set a $52.00 price objective on Columbia Banking System and gave the company a “buy” rating in a research report on Tuesday, January 30th. Zacks Investment Research upgraded Columbia Banking System from a “sell” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Monday, January 8th. Finally, BidaskClub lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $48.00.
In related news, CAO Barry Ray sold 750 shares of Columbia Banking System stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $46.87, for a total value of $35,152.50. Following the completion of the transaction, the chief accounting officer now owns 11,250 shares in the company, valued at $527,287.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.23% of the company’s stock.
Columbia Banking System Inc (COLB) opened at $42.34 on Wednesday. The firm has a market capitalization of $3,125.26, a PE ratio of 19.37, a PEG ratio of 1.53 and a beta of 1.11. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.02. Columbia Banking System Inc has a 12-month low of $35.67 and a 12-month high of $48.06.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.02). The firm had revenue of $135.40 million for the quarter, compared to analysts’ expectations of $135.15 million. Columbia Banking System had a net margin of 23.29% and a return on equity of 9.14%. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 EPS. sell-side analysts forecast that Columbia Banking System Inc will post 2.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 21st. Stockholders of record on Wednesday, February 7th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.08%. Columbia Banking System’s payout ratio is 46.32%.
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Columbia Banking System Company Profile
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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