Cooke & Bieler LP Has $63.05 Million Stake in Columbia Banking System, Inc. $COLB

Key Points

• Cooke & Bieler LP reduced its Columbia Banking System stake by 8.2% in the fourth quarter, but still held 2.26 million shares valued at about $63.0 million.
• Columbia Banking System reported better-than-expected quarterly earnings of $0.72 per share, while revenue came in slightly below estimates; analysts still expect $3.08 EPS for the year.
• The bank announced a quarterly dividend of $0.37 per share, equal to a 5.0% annualized yield, while Wall Street’s overall view remains Hold with a consensus price target of $32.13.

Cooke & Bieler LP trimmed its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 8.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,255,633 shares of the financial services provider's stock after selling 200,390 shares during the period. Cooke & Bieler LP owned about 0.75% of Columbia Banking System worth $63,045,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in COLB. Geneos Wealth Management Inc. boosted its position in shares of Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 794 shares in the last quarter. Horizon Investments LLC boosted its position in shares of Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 773 shares in the last quarter. Torren Management LLC acquired a new stake in shares of Columbia Banking System during the 4th quarter valued at about $49,000. Ameriflex Group Inc. acquired a new stake in shares of Columbia Banking System during the 3rd quarter valued at about $63,000. Finally, Triumph Capital Management acquired a new stake in shares of Columbia Banking System during the 3rd quarter valued at about $67,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Price Performance

Shares of COLB stock opened at $29.73 on Tuesday. Columbia Banking System, Inc. has a 12-month low of $21.91 and a 12-month high of $32.70. The company has a market capitalization of $8.61 billion, a P/E ratio of 11.84 and a beta of 0.63. The firm has a 50-day moving average price of $28.53 and a 200 day moving average price of $28.69.

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

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a $0.37 dividend. 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 5.0%. Columbia Banking System's payout ratio is currently 58.96%.

Analysts Set New Price Targets

COLB has been the topic of several recent research reports. Weiss Ratings upgraded shares of Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. UBS Group assumed coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target for the company. Wall Street Zen downgraded shares of Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. JPMorgan Chase & Co. cut their price target on shares of Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating for the company in a report on Wednesday, April 1st. Finally, Barclays cut their price target on shares of Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Columbia Banking System presently has an average rating of "Hold" and a consensus target price of $32.13.

Insider Buying and Selling at Columbia Banking System

In other Columbia Banking System news, VP Torran B. Nixon sold 2,241 shares of the business's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $63,308.25. Following the completion of the transaction, the vice president directly owned 100,469 shares of the company's stock, valued at approximately $2,838,249.25. The trade was a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 5,629 shares of company stock valued at $158,044 over the last ninety days. Insiders own 0.57% of the company's stock.

About Columbia Banking System

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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