Columbia Banking System, Inc. $COLB Shares Sold by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Columbia Banking System by 27.7%, now owning approximately 350,198 shares, valued at about $8.73 million.
• Columbia Banking System reported a quarterly EPS of $0.76, exceeding analyst expectations and reflecting an 8.2% revenue increase year-over-year.
• The company declared a quarterly dividend of $0.36 per share, resulting in an annualized dividend yield of 5.3%.

Hotchkis & Wiley Capital Management LLC lowered its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 27.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 350,198 shares of the financial services provider's stock after selling 134,392 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.17% of Columbia Banking System worth $8,734,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. State of Michigan Retirement System boosted its stake in Columbia Banking System by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock worth $1,251,000 after purchasing an additional 500 shares during the period. Louisiana State Employees Retirement System boosted its stake in Columbia Banking System by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock worth $1,464,000 after purchasing an additional 500 shares during the period. Xponance Inc. boosted its stake in Columbia Banking System by 2.2% during the 1st quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock worth $606,000 after purchasing an additional 517 shares during the period. Sippican Capital Advisors boosted its stake in Columbia Banking System by 0.5% during the 1st quarter. Sippican Capital Advisors now owns 108,027 shares of the financial services provider's stock worth $2,694,000 after purchasing an additional 540 shares during the period. Finally, Mengis Capital Management Inc. boosted its stake in Columbia Banking System by 1.2% during the 1st quarter. Mengis Capital Management Inc. now owns 49,982 shares of the financial services provider's stock worth $1,247,000 after purchasing an additional 572 shares during the period. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Price Performance

Shares of COLB stock traded down $0.33 during mid-day trading on Friday, hitting $26.77. The stock had a trading volume of 17,287,397 shares, compared to its average volume of 2,835,593. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The firm has a market cap of $5.63 billion, a PE ratio of 10.62 and a beta of 0.62. The company's 50-day simple moving average is $24.78 and its 200-day simple moving average is $24.28.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $511.55 million during the quarter, compared to analysts' expectations of $492.00 million. During the same quarter last year, the business earned $0.67 earnings per share. The business's revenue for the quarter was up 8.2% compared to the same quarter last year. On average, analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.36 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.44 annualized dividend and a dividend yield of 5.4%. Columbia Banking System's dividend payout ratio (DPR) is 57.14%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on COLB. DA Davidson increased their price target on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Citigroup reiterated a "neutral" rating and set a $26.00 price target (up previously from $22.00) on shares of Columbia Banking System in a research note on Monday, July 28th. JPMorgan Chase & Co. reduced their target price on shares of Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating for the company in a research note on Tuesday, July 1st. Stephens upgraded shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 target price for the company in a research note on Monday, August 4th. Finally, Piper Sandler raised their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Columbia Banking System presently has an average rating of "Hold" and a consensus target price of $28.86.

Columbia Banking System Company Profile

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.