Easterly Investment Partners LLC Raises Position in Columbia Banking System, Inc. $COLB

Key Points

• Easterly Investment Partners increased its stake in Columbia Banking System by 10.6% in the fourth quarter, bringing its holdings to 713,206 shares worth about $19.9 million.
• Columbia Banking System reported strong quarterly earnings, posting $0.72 EPS versus $0.68 expected, while revenue came in at $675 million and rose 37.9% year over year.
• The bank declared a quarterly dividend of $0.37 per share, which annualizes to $1.48 and implies a 5.0% yield; analysts currently rate the stock a consensus Hold with an average target price of $32.13.

Easterly Investment Partners LLC lifted its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 10.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 713,206 shares of the financial services provider's stock after purchasing an additional 68,388 shares during the quarter. Columbia Banking System comprises about 1.2% of Easterly Investment Partners LLC's portfolio, making the stock its 11th largest holding. Easterly Investment Partners LLC owned about 0.24% of Columbia Banking System worth $19,934,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of 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 valued at $768,375,000 after purchasing an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP raised its position in shares of 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 valued at $354,754,000 after purchasing an additional 7,921,303 shares during the last quarter. State Street Corp raised its position in shares of 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 valued at $345,113,000 after purchasing an additional 3,290,560 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of 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 valued at $337,611,000 after purchasing an additional 5,313,883 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Columbia Banking System by 11.9% in the 3rd quarter. American Century Companies Inc. now owns 10,016,178 shares of the financial services provider's stock worth $257,816,000 after acquiring an additional 1,067,491 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Performance

NASDAQ COLB opened at $29.64 on Monday. The stock has a 50-day simple moving average of $28.81 and a two-hundred day simple moving average of $28.78. The firm has a market capitalization of $8.58 billion, a P/E ratio of 11.81 and a beta of 0.63. Columbia Banking System, Inc. has a fifty-two week low of $21.91 and a fifty-two week high of $32.70.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.04. The business had revenue of $675.00 million during 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 company's revenue was up 37.9% on a year-over-year basis. During the same quarter last year, the business posted $0.67 EPS. As a group, analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.37 per share. The ex-dividend date 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 dividend payout ratio (DPR) is presently 58.96%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Piper Sandler raised their target price on Columbia Banking System from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. JPMorgan Chase & Co. reduced their target price on Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating for the company in a research note on Wednesday, April 1st. Wells Fargo & Company raised their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Monday, March 30th. Weiss Ratings upgraded Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. Finally, Wall Street Zen lowered Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. One 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $32.13.

Insider Buying and Selling at Columbia Banking System

In other news, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total transaction 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 $2,838,249.25. The trade was a 2.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 5,629 shares of company stock worth $158,044. Company 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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