Bank of New York Mellon Corp Takes $120.87 Million Position in Columbia Banking System, Inc. $COLB

Key Points

• Bank of New York Mellon acquired 3.77 million shares of Columbia Banking System worth approximately $120.9 million, representing about 1.3% of the company. Institutional investors collectively own 92.53% of COLB.
• Analysts raised several price targets, with targets reaching $35–$36, but the overall consensus remains a “Hold” rating and a $33.35 price target.
• Columbia Banking System reported quarterly EPS of $0.76, exceeding estimates of $0.73, and declared a quarterly dividend of $0.37, equivalent to a 4.8% annualized yield.

Bank of New York Mellon Corp purchased a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund purchased 3,771,212 shares of the financial services provider's stock, valued at approximately $120,867,000. Bank of New York Mellon Corp owned about 1.30% of Columbia Banking System as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Cedar Mountain Advisors LLC increased its position in 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 worth $31,000 after purchasing an additional 949 shares during the last quarter. Geneos Wealth Management Inc. grew its stake 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 buying an additional 794 shares in the last quarter. Horizon Investments LLC grew its stake in shares of Columbia Banking System by 168.8% in the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after buying an additional 773 shares in the last quarter. Rossby Financial LCC bought a new stake in shares of Columbia Banking System in the 4th quarter worth about $36,000. Finally, Atlas Capital Advisors Inc. bought a new stake in shares of Columbia Banking System in the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on COLB. Weiss Ratings upgraded Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods increased 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. Piper Sandler increased their price target on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Royal Bank Of Canada lifted their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the company a "sector perform" rating in a report on Friday, July 24th. Finally, Stephens lifted their target price on Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $33.35.

Columbia Banking System Stock Performance

Shares of COLB stock opened at $30.81 on Monday. Columbia Banking System, Inc. has a 12-month low of $23.83 and a 12-month high of $33.67. The business's fifty day simple moving average is $31.71 and its 200-day simple moving average is $30.06. The company has a market cap of $8.72 billion, a PE ratio of 12.27, a PEG ratio of 3.05 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping 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 firm had revenue of $677.00 million during the quarter, compared to analysts' expectations of $687.40 million. During the same quarter last year, the firm earned $0.76 EPS. On average, equities analysts forecast that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

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

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.57% of the company's stock.

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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