Azora Capital LP Acquires Shares of 121,708 Columbia Banking System, Inc. $COLB

Key Points

• Azora Capital LP opened a new position in Columbia Banking System during the fourth quarter, buying 121,708 shares valued at about $3.4 million.
• Institutional ownership remains very high at 92.53%, with several large investors including Vanguard, Wellington, State Street, and Dimensional all increasing their stakes recently.
• Analysts are mixed on the stock: the consensus rating is Hold with an average price target of $32.13, while the company also reported quarterly earnings of $0.72 per share, topping estimates.

Azora Capital LP acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 121,708 shares of the financial services provider's stock, valued at approximately $3,402,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider's stock valued at $768,375,000 after acquiring an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP boosted its stake in Columbia Banking System by 135.2% in the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock valued at $354,754,000 after acquiring an additional 7,921,303 shares during the last quarter. State Street Corp boosted its stake in 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 acquiring an additional 3,290,560 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Columbia Banking System by 68.1% in the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider's stock valued at $337,611,000 after acquiring an additional 5,313,883 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Columbia Banking System by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider's stock valued at $351,179,000 after acquiring an additional 163,543 shares during the last quarter. 92.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. 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. Piper Sandler raised their price objective on shares of Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. UBS Group initiated coverage on shares of Columbia Banking System in a research report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Finally, Citigroup lifted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $32.13.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.57% of the company's stock.

Columbia Banking System Stock Down 2.7%

Shares of NASDAQ COLB opened at $30.05 on Thursday. The company's fifty day moving average is $29.52 and its 200-day moving average is $29.05. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of 11.97 and a beta of 0.63. Columbia Banking System, Inc. has a twelve month low of $21.91 and a twelve month high of $32.70.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.68 by $0.04. The business had revenue of $675.00 million for the quarter, compared to analysts' expectations of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The firm's revenue was up 37.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.67 EPS. On average, research analysts anticipate that Columbia Banking System, Inc. will post 3.08 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System's payout ratio is currently 58.96%.

About Columbia Banking System

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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