Azora Capital LP Makes New $32.96 Million Investment in Columbia Banking System, Inc. $COLB

Key Points

• Azora Capital LP acquired 1,028,488 shares of Columbia Banking System during the second quarter, worth approximately $32.96 million and representing about 0.36% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $33.35; institutional investors collectively own 92.53% of the stock.
• Columbia Banking System reported quarterly EPS of $0.76, beating estimates of $0.73, and announced a quarterly dividend of $0.37 per share, equivalent to a 4.8% annualized yield.

Azora Capital LP acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,028,488 shares of the financial services provider's stock, valued at approximately $32,963,000. Columbia Banking System accounts for approximately 1.4% of Azora Capital LP's holdings, making the stock its 28th largest holding. Azora Capital LP owned about 0.36% of Columbia Banking System at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of COLB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Columbia Banking System in the 2nd quarter valued at $29,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Columbia Banking System in the second quarter valued at $31,000. Cedar Mountain Advisors LLC increased its holdings in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 949 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 794 shares during the period. Finally, Horizon Investments LLC raised its position in shares of Columbia Banking System by 168.8% in 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 period. Institutional investors own 92.53% of the company's stock.

Wall Street Analyst Weigh In

COLB has been the topic of a number of research reports. Barclays decreased their price target on shares of Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research note on Monday, August 3rd. Stephens boosted their price objective on Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Zacks Research downgraded Columbia Banking System from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their target price on Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods lifted their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. One equities 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $33.35.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $30.71 on Thursday. The stock has a market capitalization of $8.69 billion, a PE ratio of 12.24, a P/E/G ratio of 3.02 and a beta of 0.63. The business has a fifty day moving average price of $31.71 and a two-hundred day moving average price of $30.05. Columbia Banking System, Inc. has a fifty-two week low of $23.83 and a fifty-two week high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. On average, equities analysts expect that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, August 28th. This represents a $1.48 annualized dividend and a yield of 4.8%. Columbia Banking System's dividend payout ratio is presently 58.96%.

Insider Activity at Columbia Banking System

In related 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 transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.57% of the company's stock.

Columbia Banking System 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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