Rhino Investment Partners Inc Takes Position in Columbia Banking System, Inc. $COLB

Rhino Investment Partners Inc acquired a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 239,797 shares of the financial services provider’s stock, valued at approximately $6,578,000. Columbia Banking System comprises about 1.8% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 23rd biggest holding.

Other hedge funds have also recently made changes to their positions in the company. TD Waterhouse Canada Inc. increased its holdings in Columbia Banking System by 6.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 348 shares during the last quarter. Hilton Head Capital Partners LLC raised its position in Columbia Banking System by 25.8% in the first quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 399 shares during the period. State of Michigan Retirement System lifted its stake in Columbia Banking System by 0.6% during the first quarter. State of Michigan Retirement System now owns 71,041 shares of the financial services provider’s stock worth $1,949,000 after purchasing an additional 400 shares in the last quarter. Kera Capital Partners Inc. lifted its stake in Columbia Banking System by 5.7% during the first quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 425 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of Columbia Banking System by 1.2% during the fourth quarter. Quadrant Capital Group LLC now owns 38,350 shares of the financial services provider’s stock worth $1,072,000 after buying an additional 444 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Up 1.2%

NASDAQ:COLB opened at $31.27 on Wednesday. The company has a fifty day simple moving average of $31.08 and a two-hundred day simple moving average of $29.74. The company has a market cap of $9.05 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 2.11 and a beta of 0.62. Columbia Banking System, Inc. has a 52 week low of $22.77 and a 52 week high of $33.67.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. The business had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period last year, the firm earned $0.76 earnings per share. On average, analysts expect that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a $0.37 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. Columbia Banking System’s dividend payout ratio (DPR) is currently 58.96%.

Insider Activity

In related news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. UBS Group initiated coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price objective on the stock. Wells Fargo & Company raised their target price on Columbia Banking System from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Royal Bank Of Canada lifted their target price on Columbia Banking System from $34.00 to $35.00 and gave the company a “sector perform” rating in a research report on Friday, July 24th. Wall Street Zen lowered shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Stephens increased their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $33.27.

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.