239,797 Shares in Columbia Banking System, Inc. $COLB Purchased by Rhino Investment Partners Inc

Rhino Investment Partners Inc acquired a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 239,797 shares of the financial services provider's stock, valued at approximately $6,578,000. Columbia Banking System makes up approximately 1.8% of Rhino Investment Partners Inc's portfolio, making the stock its 23rd largest holding. Rhino Investment Partners Inc owned 0.08% of Columbia Banking System at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of COLB. Wellington Management Group LLP lifted its stake in Columbia Banking System by 135.2% in the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock worth $354,754,000 after purchasing an additional 7,921,303 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Columbia Banking System by 140.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider's stock valued at $242,237,000 after purchasing an additional 5,063,212 shares in the last quarter. Norges Bank purchased a new stake in shares of Columbia Banking System in the fourth quarter valued at approximately $103,012,000. North Reef Capital Management LP increased its holdings in shares of Columbia Banking System by 3,600.0% in the fourth quarter. North Reef Capital Management LP now owns 3,700,000 shares of the financial services provider's stock valued at $103,415,000 after purchasing an additional 3,600,000 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Columbia Banking System by 32.5% in the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock valued at $345,113,000 after purchasing an additional 3,290,560 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on COLB. Fundamental Research set a $35.00 price objective on Columbia Banking System in a research report on Wednesday, July 1st. JPMorgan Chase & Co. upped their target price on Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Stephens raised their target price 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. Weiss Ratings upgraded Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. Finally, Wells Fargo & Company boosted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $33.27.

Insider Buying and Selling

In other news, CMO Devine David Moore sold 3,872 shares of the company'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 transaction, the chief marketing officer owned 18,636 shares of the company's stock, valued at $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $31.27 on Wednesday. The company has a 50 day simple moving average of $31.08 and a 200-day simple moving average of $29.74. The company has a market capitalization of $9.05 billion, a P/E ratio of 12.46, a P/E/G ratio of 2.11 and a beta of 0.62. Columbia Banking System, Inc. has a 1 year low of $22.77 and a 1 year high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The firm had revenue of $680.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same quarter in the previous year, the company earned $0.76 EPS. As a group, research analysts expect that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced 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 was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. Columbia Banking System's payout ratio is currently 58.96%.

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.

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