Columbia Banking System, Inc. $COLB Stock Position Decreased by Gamco Investors INC. ET AL

Key Points

• Gamco Investors cut its Columbia Banking System stake by 45.1% in the first quarter, selling 58,246 shares and retaining 70,842 shares valued at approximately $1.94 million. Institutional investors and hedge funds collectively own 92.53% of COLB.
• Analysts raised several price targets following the company’s latest results, but the consensus rating remains “Hold” with an average target of $33.27. Columbia Banking System reported quarterly EPS of $0.76, exceeding estimates of $0.73, while revenue of $680 million fell slightly short of expectations.
• COLB shares opened at $31.27, up 1.2%, and the company maintains a quarterly dividend of $0.37 per share, equivalent to a 4.7% yield and a 58.96% payout ratio.

Gamco Investors INC. ET AL trimmed its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 45.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,842 shares of the financial services provider's stock after selling 58,246 shares during the quarter. Gamco Investors INC. ET AL's holdings in Columbia Banking System were worth $1,943,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of COLB. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Columbia Banking System during the first quarter valued at $2,081,000. Systematic Financial Management LP increased its stake in Columbia Banking System by 4.0% in the 1st quarter. Systematic Financial Management LP now owns 1,341,275 shares of the financial services provider's stock worth $36,791,000 after purchasing an additional 51,814 shares in the last quarter. Sei Investments Co. increased its stake in Columbia Banking System by 13.0% in the 1st quarter. Sei Investments Co. now owns 717,785 shares of the financial services provider's stock worth $19,689,000 after purchasing an additional 82,379 shares in the last quarter. Walleye Capital LLC acquired a new stake in Columbia Banking System during the 1st quarter worth about $560,000. Finally, Cetera Investment Advisers raised its holdings in Columbia Banking System by 2.5% during the 1st quarter. Cetera Investment Advisers now owns 109,694 shares of the financial services provider's stock worth $3,009,000 after buying an additional 2,690 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on COLB. Keefe, Bruyette & Woods raised their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Stephens boosted their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. Barclays upped their price target on shares of Columbia Banking System from $29.00 to $31.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, Wells Fargo & Company lifted their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $33.27.

Insider Activity at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.57% of the company's stock.

Columbia Banking System Trading Up 1.2%

Shares of Columbia Banking System stock opened at $31.27 on Wednesday. The stock has a 50-day moving average price of $31.08 and a 200 day moving average price of $29.74. The company has a market cap of $9.05 billion, a P/E ratio of 12.46, a P/E/G ratio of 2.11 and a beta of 0.62. Columbia Banking System, Inc. has a 1 year low of $22.77 and a 1 year high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The company had revenue of $680.00 million for the quarter, compared to analysts' expectations of $687.40 million. During the same quarter in the previous year, the business posted $0.76 EPS. On average, equities analysts forecast that Columbia Banking System, Inc. will post 3.03 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Friday, May 29th. Columbia Banking System's dividend payout ratio (DPR) is currently 58.96%.

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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