California State Teachers Retirement System Has $9.85 Million Stock Holdings in Columbia Banking System, Inc. $COLB

Key Points

• California State Teachers Retirement System increased its Columbia Banking System stake by 26.8% in the first quarter, adding 75,915 shares to own 359,143 shares worth approximately $9.85 million. Institutional investors collectively hold 92.53% of the company.
• Columbia Banking System reported quarterly EPS of $0.76, beating the $0.73 consensus estimate, while revenue of $680 million fell short of the $687.4 million forecast. The company maintains a $0.37 quarterly dividend, representing a 4.7% annualized yield.
• Analysts raised several price targets, with the consensus target reaching $33.19 versus the stock’s reported price of $31.50; however, the overall analyst consensus remains “Hold.”

California State Teachers Retirement System boosted its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 26.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 359,143 shares of the financial services provider's stock after purchasing an additional 75,915 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Columbia Banking System worth $9,851,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its position in Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock worth $30,000 after acquiring an additional 794 shares during the period. Cedar Mountain Advisors LLC raised its stake in Columbia Banking System by 571.7% during the 1st 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. Horizon Investments LLC boosted its holdings in 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 valued at $34,000 after purchasing an additional 773 shares during the period. Rossby Financial LCC bought a new stake in Columbia Banking System in the 4th quarter valued at $36,000. Finally, Hilton Head Capital Partners LLC acquired a new stake in Columbia Banking System in the 4th quarter worth $43,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $31.50 on Tuesday. The stock has a fifty day moving average price of $31.20 and a two-hundred day moving average price of $29.81. Columbia Banking System, Inc. has a 52-week low of $23.18 and a 52-week high of $33.67. The firm has a market capitalization of $9.12 billion, a P/E ratio of 12.55, a P/E/G ratio of 3.11 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 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter in the previous year, the company earned $0.76 EPS. On average, equities research analysts predict that Columbia Banking System, Inc. will post 3.02 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System's dividend payout ratio is currently 58.96%.

Analysts Set New Price Targets

COLB has been the topic of several research reports. Royal Bank Of Canada boosted their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Stephens increased their target price on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Wells Fargo & Company boosted their price target on Columbia Banking System from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Piper Sandler upped their price target on Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Finally, Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $33.19.

Insiders Place Their Bets

In other news, CMO Devine David Moore sold 3,872 shares of the firm's stock in a transaction that occurred 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 sale, the chief marketing officer owned 18,636 shares of the company's stock, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate 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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