Basswood Capital Management L.L.C. Has $10.27 Million Stake in Columbia Banking System, Inc. $COLB

Basswood Capital Management L.L.C. decreased its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 52.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 367,552 shares of the financial services provider’s stock after selling 401,619 shares during the period. Basswood Capital Management L.L.C.’s holdings in Columbia Banking System were worth $10,273,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in Columbia Banking System by 14.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock valued at $193,977,000 after buying an additional 929,862 shares during the last quarter. HoldCo Asset Management LP grew its holdings in Columbia Banking System by 27.6% in the 3rd quarter. HoldCo Asset Management LP now owns 5,722,786 shares of the financial services provider’s stock valued at $147,305,000 after buying an additional 1,239,489 shares during the last quarter. Channing Capital Management LLC acquired a new stake in Columbia Banking System in the 3rd quarter valued at approximately $10,965,000. AMG National Trust Bank acquired a new stake in Columbia Banking System in the 3rd quarter valued at approximately $1,654,000. Finally, Lighthouse Investment Partners LLC grew its holdings in Columbia Banking System by 268.5% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 664,684 shares of the financial services provider’s stock valued at $17,109,000 after buying an additional 484,304 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Trading Up 1.6%

Shares of COLB stock opened at $31.31 on Friday. The stock has a 50 day moving average of $29.36 and a two-hundred day moving average of $28.99. Columbia Banking System, Inc. has a 12 month low of $21.91 and a 12 month high of $32.70. The company has a market capitalization of $9.06 billion, a P/E ratio of 12.47 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $675.00 million during the quarter, compared to the consensus estimate of $677.34 million. During the same quarter last year, the company earned $0.67 EPS. The company’s quarterly revenue was up 37.9% on a year-over-year basis. Sell-side analysts predict that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders 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 dividend on an annualized basis and a dividend yield of 4.7%. Columbia Banking System’s dividend payout ratio (DPR) is currently 58.96%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on COLB shares. UBS Group started coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 target price on the stock. Weiss Ratings raised Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Wells Fargo & Company raised their target price 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. Citigroup raised their target price on Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. Finally, JPMorgan Chase & Co. lowered their target price on Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.13.

Insider Activity at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.57% of the company’s stock.

Columbia Banking System Company 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.