Columbia Banking System, Inc. $COLB Stake Cut by Basswood Capital Management L.L.C.

Key Points

• Basswood Capital Management cut its stake in Columbia Banking System by 52.2% in the fourth quarter, selling 401,619 shares and ending with 367,552 shares valued at about $10.3 million.
• Columbia Banking System reported better-than-expected quarterly earnings of $0.72 per share, topping estimates by $0.04, while revenue rose 37.9% year over year to $675 million.
• The company declared a quarterly dividend of $0.37 per share, equal to an annualized yield of 4.7%, even as analysts currently hold a consensus rating of “Hold” with a $32.13 price target.

Basswood Capital Management L.L.C. reduced its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 52.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 367,552 shares of the financial services provider's stock after selling 401,619 shares during the period. Basswood Capital Management L.L.C. owned about 0.12% of Columbia Banking System worth $10,273,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of COLB. Vanguard Group Inc. lifted its stake in Columbia Banking System by 41.3% in the 3rd quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider's stock worth $768,375,000 after acquiring an additional 8,730,937 shares in the last quarter. Wellington Management Group LLP lifted its stake in Columbia Banking System by 135.2% in the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock worth $354,754,000 after acquiring an additional 7,921,303 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Columbia Banking System by 68.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider's stock worth $337,611,000 after acquiring an additional 5,313,883 shares in the last quarter. Norges Bank purchased a new stake in Columbia Banking System in the 4th quarter worth about $103,012,000. Finally, State Street Corp increased its position in Columbia Banking System by 32.5% in the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock worth $345,113,000 after purchasing an additional 3,290,560 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Price Performance

Shares of COLB stock opened at $31.31 on Friday. Columbia Banking System, Inc. has a fifty-two week low of $21.91 and a fifty-two week high of $32.70. The stock's 50-day moving average is $29.36 and its two-hundred day moving average is $28.99. The firm has a market cap of $9.06 billion, a P/E ratio of 12.47 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating 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 return on equity of 11.41% and a net margin of 19.28%.The firm's revenue for the quarter was up 37.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 EPS. As a group, research analysts expect that Columbia Banking System, Inc. will post 3.08 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.7%. Columbia Banking System's dividend payout ratio is currently 58.96%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on COLB. Barclays dropped their target price on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 7th. Citigroup upped their target price on Columbia Banking System from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. Wells Fargo & Company upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Monday, March 30th. Weiss Ratings raised Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. Finally, UBS Group began coverage on Columbia Banking System in a research report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $32.13.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction dated Monday, June 8th. The stock was 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 represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company's stock.

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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