Columbia Banking System, Inc. $COLB Shares Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC sharply increased its stake in Columbia Banking System, boosting its holdings by 356.4% in the fourth quarter to 60,918 shares worth about $1.7 million.
• Columbia Banking System posted solid quarterly results, reporting EPS of $0.72, which beat analyst expectations, while revenue rose 37.9% from a year earlier.
• The company continues to pay a sizable dividend, recently distributing $0.37 per share quarterly, equal to an annualized yield of 4.6% with a payout ratio of 58.96%.

Hsbc Holdings PLC lifted its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 356.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 60,918 shares of the financial services provider's stock after purchasing an additional 47,570 shares during the quarter. Hsbc Holdings PLC's holdings in Columbia Banking System were worth $1,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of COLB. Geneos Wealth Management Inc. grew its holdings in shares of 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 valued at $30,000 after buying an additional 794 shares in the last quarter. Horizon Investments LLC boosted its position 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 during the period. Rossby Financial LCC acquired a new stake in Columbia Banking System during the 4th quarter worth about $36,000. Atlas Capital Advisors Inc. purchased a new position in Columbia Banking System during the 4th quarter valued at about $43,000. Finally, Hilton Head Capital Partners LLC purchased a new position in Columbia Banking System during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Price Performance

COLB stock opened at $32.05 on Wednesday. Columbia Banking System, Inc. has a 52-week low of $22.77 and a 52-week high of $32.70. The company has a 50-day moving average of $29.96 and a two-hundred day moving average of $29.25. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 12.77 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its 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. The business had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. Columbia Banking System's revenue was up 37.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 earnings per share. Equities analysts expect that Columbia Banking System, Inc. will post 3.08 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. 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 4.6%. The ex-dividend date was Friday, May 29th. Columbia Banking System's dividend payout ratio is currently 58.96%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on COLB. Weiss Ratings upgraded shares of Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. Wall Street Zen lowered shares of Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Wells Fargo & Company boosted their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, March 30th. UBS Group began coverage on shares of Columbia Banking System in a research note on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 price target on the stock. Finally, Piper Sandler increased their price objective on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, Columbia Banking System currently has a consensus rating of "Hold" and an average target price of $32.12.

Insider Activity

In related news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System 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 completion of the transaction, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.57% of the company's stock.

Columbia Banking System Company 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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