Columbia Banking System, Inc. $COLB Shares Purchased by Pzena Investment Management LLC

Key Points

• Pzena Investment Management boosted its stake in Columbia Banking System by 12.7% in the first quarter, buying an additional 228,825 shares and bringing its total holding to 2,033,219 shares worth about $55.8 million.
• Analysts are mixed on COLB: the stock has an average rating of “Hold” and an average price target of $32.65, with recent calls ranging from a downgrade to hold to target raises from JPMorgan and others.
• Columbia Banking System reported strong quarterly results, including EPS of $0.72 versus $0.68 expected, and it paid a quarterly dividend of $0.37 per share, implying an annualized yield of 4.6%.

Pzena Investment Management LLC raised its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 12.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,033,219 shares of the financial services provider's stock after buying an additional 228,825 shares during the period. Pzena Investment Management LLC owned about 0.70% of Columbia Banking System worth $55,771,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. TD Waterhouse Canada Inc. increased its holdings in shares of Columbia Banking System by 6.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider's stock valued at $166,000 after acquiring an additional 348 shares during the last quarter. Hilton Head Capital Partners LLC lifted its stake in Columbia Banking System by 25.8% during the first quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider's stock worth $53,000 after purchasing an additional 399 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Columbia Banking System by 1.2% during the fourth quarter. Quadrant Capital Group LLC now owns 38,350 shares of the financial services provider's stock worth $1,072,000 after purchasing an additional 444 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in Columbia Banking System by 0.4% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 122,428 shares of the financial services provider's stock valued at $3,422,000 after purchasing an additional 456 shares in the last quarter. Finally, Sittner & Nelson LLC boosted its holdings in Columbia Banking System by 1.2% in the third quarter. Sittner & Nelson LLC now owns 37,519 shares of the financial services provider's stock valued at $966,000 after purchasing an additional 460 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COLB has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. JPMorgan Chase & Co. upped their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Columbia Banking System in a research report on Monday. UBS Group started coverage on shares of Columbia Banking System in a research note on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target on the stock. Finally, Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research report on Wednesday. One equities research 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 an average price target of $32.65.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares of the company's stock, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.57% of the company's stock.

Columbia Banking System Stock Performance

Shares of COLB opened at $32.51 on Thursday. Columbia Banking System, Inc. has a fifty-two week low of $22.77 and a fifty-two week high of $32.72. The company has a market capitalization of $9.41 billion, a price-to-earnings ratio of 12.95 and a beta of 0.62. The firm has a 50-day simple moving average of $30.02 and a 200-day simple moving average of $29.28.

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

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. Columbia Banking System's dividend payout ratio is presently 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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