Pzena Investment Management LLC Sells 121,952 Shares of Columbia Banking System, Inc. $COLB

Pzena Investment Management LLC trimmed its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 6.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,804,394 shares of the financial services provider’s stock after selling 121,952 shares during the quarter. Pzena Investment Management LLC’s holdings in Columbia Banking System were worth $50,433,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. raised its holdings in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after buying an additional 794 shares during the last quarter. Horizon Investments LLC raised its holdings in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after buying an additional 773 shares during the last quarter. Torren Management LLC bought a new position in shares of Columbia Banking System in the fourth quarter valued at about $49,000. Ameriflex Group Inc. bought a new position in shares of Columbia Banking System in the third quarter valued at about $63,000. Finally, Triumph Capital Management bought a new position in shares of Columbia Banking System in the third quarter valued at about $67,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Performance

Shares of COLB opened at $29.62 on Friday. The stock has a 50 day simple moving average of $28.40 and a 200 day simple moving average of $28.65. Columbia Banking System, Inc. has a 52-week low of $21.91 and a 52-week high of $32.70. The firm has a market capitalization of $8.57 billion, a PE ratio of 11.80 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The business had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. During the same period in the previous year, the firm earned $0.67 EPS. Columbia Banking System’s quarterly revenue was up 37.9% compared to the same quarter last year. Equities research analysts predict that Columbia Banking System, Inc. will post 3.08 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be given a $0.37 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.48 annualized dividend and a dividend yield of 5.0%. Columbia Banking System’s payout ratio is currently 58.96%.

Insider Activity

In related news, VP Torran B. Nixon sold 2,241 shares of the business’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 value of $63,308.25. Following the completion of the transaction, the vice president directly owned 100,469 shares in the company, valued at approximately $2,838,249.25. The trade was a 2.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 5,629 shares of company stock valued at $158,044. 0.57% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group assumed coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target for the company. Wells Fargo & Company lifted their price target on Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. JPMorgan Chase & Co. lowered their price objective on Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, April 1st. DA Davidson lifted their price objective on Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Finally, Royal Bank Of Canada lifted their price objective on Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $32.13.

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.