Man Group plc Takes $1.94 Million Position in Columbia Banking System, Inc. $COLB

Man Group plc acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 60,597 shares of the financial services provider’s stock, valued at approximately $1,942,000.

A number of other hedge funds also recently added to or reduced their stakes in COLB. Jupiter Topco LLC bought a new position in Columbia Banking System during the 2nd quarter worth about $3,984,000. Hsbc Holdings PLC bought a new stake in shares of Columbia Banking System in the 2nd quarter valued at about $3,750,000. Expect Equity LLC bought a new stake in shares of Columbia Banking System in the 2nd quarter valued at about $4,585,000. Palisade Capital Management LP purchased a new stake in shares of Columbia Banking System in the 2nd quarter worth approximately $14,648,000. Finally, Legal & General Group Plc purchased a new stake in shares of Columbia Banking System in the 2nd quarter worth approximately $13,049,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Down 1.1%

Shares of Columbia Banking System stock opened at $29.32 on Wednesday. The company has a market cap of $8.29 billion, a P/E ratio of 11.68, a PEG ratio of 2.94 and a beta of 0.62. The firm’s 50 day moving average price is $31.64 and its 200-day moving average price is $29.99. 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 earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The company had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter in the prior year, the company posted $0.76 earnings per share. As a group, equities research analysts forecast that Columbia Banking System, Inc. will post 3.03 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Friday, August 28th. Columbia Banking System’s dividend payout ratio is currently 58.96%.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

COLB has been the topic of several research reports. Fundamental Research set a $35.00 price objective on shares of Columbia Banking System in a report on Wednesday, July 1st. Weiss Ratings upgraded Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Keefe, Bruyette & Woods increased their target price on Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Zacks Research lowered Columbia Banking System from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Finally, Stephens upped their price objective on Columbia Banking System from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $33.62.

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.