Columbia Banking System, Inc. $COLB Shares Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Columbia Banking System by 12.0% during the second quarter, acquiring an additional 20,522 shares to hold a total of 191,272 shares worth approximately $4.47 million.
• Columbia Banking System reported a quarterly EPS of $0.76, surpassing expectations, and recorded a revenue of $511.55 million, reflecting an 8.2% year-over-year increase.
• The company declared a quarterly dividend of $0.36 per share, resulting in an annualized yield of 5.4%, with a payout ratio of 57.14% as of the latest filing.

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 12.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 191,272 shares of the financial services provider's stock after purchasing an additional 20,522 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.09% of Columbia Banking System worth $4,472,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Columbia Banking System by 1.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,404 shares of the financial services provider's stock valued at $1,064,000 after buying an additional 692 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Columbia Banking System by 3,254.9% in the 1st quarter. GAMMA Investing LLC now owns 132,955 shares of the financial services provider's stock worth $3,316,000 after acquiring an additional 128,992 shares during the period. NBC Securities Inc. boosted its holdings in shares of Columbia Banking System by 108,800.0% in the first quarter. NBC Securities Inc. now owns 8,712 shares of the financial services provider's stock valued at $217,000 after acquiring an additional 8,704 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of Columbia Banking System during the first quarter valued at approximately $275,000. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Columbia Banking System during the first quarter worth approximately $251,000. 92.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on COLB shares. Wells Fargo & Company increased their price target on Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. Cowen began coverage on Columbia Banking System in a research note on Wednesday, September 24th. They set a "hold" rating for the company. Stephens upgraded shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price objective for the company in a research report on Monday, August 4th. DA Davidson boosted their target price on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Finally, Zacks Research cut shares of Columbia Banking System from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and an average target price of $29.27.

Columbia Banking System Price Performance

Shares of COLB opened at $26.58 on Tuesday. The company has a 50-day moving average of $25.79 and a two-hundred day moving average of $24.35. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 10.55 and a beta of 0.60. Columbia Banking System, Inc. has a one year low of $19.61 and a one year high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.10. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The business had revenue of $511.55 million for the quarter, compared to analyst estimates of $492.00 million. During the same quarter in the previous year, the business earned $0.67 earnings per share. The firm's revenue was up 8.2% compared to the same quarter last year. Analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a dividend of $0.36 per share. The ex-dividend date was Friday, August 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.4%. Columbia Banking System's payout ratio is currently 57.14%.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.

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