Access Investment Management LLC Invests $2.08 Million in Columbia Banking System, Inc. $COLB

Key Points

• Access Investment Management acquired 75,790 shares of Columbia Banking System worth approximately $2.08 million during the first quarter. Institutional investors collectively own 92.53% of the company’s outstanding stock.
• Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $33.27; recent targets range from $30 to $36.
• Columbia Banking System reported quarterly earnings of $0.76 per share, beating estimates by $0.03, and maintains a quarterly dividend of $0.37 per share, equivalent to a 4.7% annualized yield.

Access Investment Management LLC bought a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 75,790 shares of the financial services provider's stock, valued at approximately $2,079,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. boosted its holdings in shares of Columbia Banking System by 6.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider's stock worth $166,000 after purchasing an additional 348 shares during the last quarter. Hilton Head Capital Partners LLC increased its stake 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 last quarter. State of Michigan Retirement System lifted its position 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 buying an additional 400 shares during the period. Kera Capital Partners Inc. lifted its position 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 buying an additional 425 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in Columbia Banking System by 1.2% in the 4th 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 last quarter. Hedge funds and other institutional investors own 92.53% of the company's stock.

Insider Buying and Selling

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the company's stock in a transaction that occurred 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 directly owned 18,636 shares in the company, valued at $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on COLB. UBS Group assumed coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 target price for the company. Stephens lifted their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Wall Street Zen cut shares of Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Royal Bank Of Canada upped their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Finally, Wells Fargo & Company increased their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $33.27.

Columbia Banking System Price Performance

Shares of COLB opened at $31.27 on Friday. Columbia Banking System, Inc. has a 12 month low of $22.77 and a 12 month high of $33.67. The stock has a fifty day moving average price of $31.16 and a 200 day moving average price of $29.77. The company has a market cap of $9.05 billion, a P/E ratio of 12.46, a PEG ratio of 3.10 and a beta of 0.62.

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 earnings per share for the quarter, beating analysts' consensus estimates of $0.73 by $0.03. The company 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 quarter in the previous year, the company posted $0.76 earnings per share. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.7%. Columbia Banking System's payout ratio is presently 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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