27,470,920 Shares in Columbia Banking System, Inc. $COLB Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 27.47 million shares of Columbia Banking System in the second quarter, worth approximately $880.4 million and representing a 9.71% stake. Institutional investors and hedge funds collectively own 92.53% of the stock.
• Analyst sentiment remains mixed, with Columbia Banking System carrying an average “Hold” rating and a consensus price target of $33.35. Recent targets range from $34 to $35, while Zacks Research downgraded the stock to “strong sell.”
• The company reported quarterly EPS of $0.76, beating estimates by $0.03, and declared a quarterly dividend of $0.37, equivalent to a 4.8% annualized yield.

BlackRock Inc. bought a new position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 27,470,920 shares of the financial services provider's stock, valued at approximately $880,443,000. BlackRock Inc. owned 9.71% of Columbia Banking System at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Columbia Banking System during the 2nd quarter valued at about $29,000. Geneos Wealth Management Inc. raised its holdings in shares of Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock worth $30,000 after purchasing an additional 794 shares in the last quarter. Cedar Mountain Advisors LLC raised its holdings in shares of Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after purchasing an additional 949 shares in the last quarter. Horizon Investments LLC lifted its stake in Columbia Banking System by 168.8% during the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 773 shares during the last quarter. Finally, Rossby Financial LCC bought a new stake in Columbia Banking System during the fourth quarter worth approximately $36,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the 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 completion of the transaction, the chief marketing officer 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.57% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on COLB. Zacks Research downgraded Columbia Banking System from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. Wells Fargo & Company raised their price objective on shares of Columbia Banking System from $32.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Weiss Ratings raised shares of Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Finally, Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and an average price target of $33.35.

Columbia Banking System Trading Down 0.1%

Shares of NASDAQ COLB opened at $30.81 on Friday. The company has a 50-day moving average of $31.71 and a two-hundred day moving average of $30.06. Columbia Banking System, Inc. has a 1-year low of $23.83 and a 1-year high of $33.67. The company has a market cap of $8.72 billion, a PE ratio of 12.27, a P/E/G ratio of 3.05 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results 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. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same quarter last year, the firm earned $0.76 EPS. As a group, equities research analysts forecast that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Announces Dividend

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