Ceredex Value Advisors LLC Makes New Investment in Columbia Banking System, Inc. $COLB

Ceredex Value Advisors LLC purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the second quarter, HoldingsChannel.com reports. The fund purchased 413,000 shares of the financial services provider’s stock, valued at approximately $13,237,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. AQR Capital Management LLC lifted its stake 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. lifted its position in Columbia Banking System by 23.7% in 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 in the last quarter. Millennium Management LLC boosted its stake in 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 worth $12,089,000 after purchasing an additional 412,674 shares during the period. Goldman Sachs Group Inc. boosted its stake 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 raised its stake in shares of Columbia Banking System by 1.9% in the 1st 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 valued at $22,128,000 after purchasing an additional 16,165 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Stock Performance

Shares of NASDAQ COLB opened at $30.84 on Friday. The stock has a 50 day moving average price of $31.72 and a 200 day moving average price of $30.05. The stock has a market capitalization of $8.72 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 3.08 and a beta of 0.63. Columbia Banking System, Inc. has a 52 week low of $23.83 and a 52 week high of $33.67.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The firm had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same quarter in the previous year, the firm earned $0.76 EPS. As a group, research analysts forecast that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Friday, August 28th. Columbia Banking System’s payout ratio is presently 58.96%.

Analyst Upgrades and Downgrades

COLB has been the topic of a number of research reports. Barclays cut their price target on Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Monday, August 3rd. Wells Fargo & Company lifted their target price on Columbia Banking System from $32.00 to $34.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. boosted their target price on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Royal Bank Of Canada upped their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Finally, Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and an average price target of $33.35.

Insiders Place Their Bets

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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.