Cinctive Capital Management LP Makes New Investment in Columbia Banking System, Inc. $COLB

Key Points

• Cinctive Capital Management opened a new position in Columbia Banking System, buying 282,188 shares worth about $7.9 million in the fourth quarter.
• Institutional interest in COLB remains high, with 92.53% of the stock owned by hedge funds and other institutions, while insider activity included CMO Devine David Moore selling 3,872 shares in June.
• Columbia Banking System recently beat quarterly EPS estimates at $0.72 per share and paid a quarterly dividend of $0.37, implying an annualized yield of about 4.9%.

Cinctive Capital Management LP acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 282,188 shares of the financial services provider's stock, valued at approximately $7,887,000. Cinctive Capital Management LP owned approximately 0.09% of Columbia Banking System at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in COLB. Geneos Wealth Management Inc. grew its holdings in Columbia Banking System by 194.6% during the 1st 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 in the last quarter. Horizon Investments LLC grew its holdings in Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after acquiring an additional 773 shares in the last quarter. Rossby Financial LCC acquired a new position in Columbia Banking System during the 4th quarter worth $36,000. Hilton Head Capital Partners LLC acquired a new position in Columbia Banking System during the 4th quarter worth $43,000. Finally, Atlas Capital Advisors Inc. acquired a new position in Columbia Banking System during the 4th quarter worth $43,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares in the company, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.57% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on COLB shares. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating for the company in a report on Wednesday, April 1st. UBS Group started coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 price target for the company. Weiss Ratings raised shares of Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 1st. Barclays decreased their price target on shares of Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a report on Tuesday, April 7th. Finally, Wall Street Zen lowered shares of Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $32.13.

Columbia Banking System Stock Down 2.7%

Shares of NASDAQ:COLB opened at $30.05 on Thursday. The company has a market cap of $8.70 billion, a PE ratio of 11.97 and a beta of 0.63. The company's 50-day moving average price is $29.52 and its 200 day moving average price is $29.05. Columbia Banking System, Inc. has a fifty-two week low of $21.91 and a fifty-two week high of $32.70.

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

Columbia Banking System Dividend Announcement

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

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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