Columbia Banking System, Inc. $COLB Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp dramatically increased its stake in Columbia Banking System, boosting its holdings by 3,617.7% to 75,469 shares worth about $2.07 million.
• Wall Street sentiment is mixed: the stock has a consensus rating of “Hold” with an average price target of $32.81, even as some firms raised targets and others downgraded the stock.
• Columbia Banking System reported strong quarterly results, with EPS of $0.72 beating estimates and revenue rising 37.9% year over year; it also pays a quarterly dividend of $0.37, yielding 4.5%.

Fifth Third Bancorp increased its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 3,617.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,469 shares of the financial services provider's stock after purchasing an additional 73,439 shares during the period. Fifth Third Bancorp's holdings in Columbia Banking System were worth $2,070,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COLB. Geneos Wealth Management Inc. lifted 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 buying an additional 794 shares during the last quarter. Cedar Mountain Advisors LLC increased its holdings in shares of Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 949 shares during the last quarter. Horizon Investments LLC increased its holdings 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 valued at $34,000 after acquiring an additional 773 shares during the last quarter. Rossby Financial LCC acquired a new stake in shares of Columbia Banking System during the 4th quarter valued at approximately $36,000. Finally, Hilton Head Capital Partners LLC acquired a new stake in shares of Columbia Banking System during the 4th quarter valued at approximately $43,000. 92.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on COLB. Wall Street Zen cut shares of Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. 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 objective for the company. Piper Sandler increased their price objective on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Wells Fargo & Company raised their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Columbia Banking System in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $32.81.

Columbia Banking System Price Performance

Shares of COLB stock opened at $32.85 on Wednesday. Columbia Banking System, Inc. has a 12-month low of $22.77 and a 12-month high of $33.67. The firm has a market capitalization of $9.51 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 2.23 and a beta of 0.62. The business has a 50 day simple moving average of $30.80 and a 200 day simple moving average of $29.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The company had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The firm's quarterly revenue was up 37.9% on a year-over-year basis. On average, equities analysts anticipate that Columbia Banking System, Inc. will post 3.05 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.5%. Columbia Banking System's dividend payout ratio is presently 58.96%.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the firm'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 transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.

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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