Expect Equity LLC Invests $4.58 Million in Columbia Banking System, Inc. $COLB

Key Points

• Expect Equity LLC acquired 143,065 shares of Columbia Banking System in the second quarter, valued at approximately $4.58 million. The position represents about 3% of the firm’s portfolio and 0.05% of COLB’s outstanding shares.
• Columbia Banking System reported quarterly EPS of $0.76, exceeding estimates by $0.03, while revenue of $677 million fell short of expectations. Analysts forecast full-year EPS of $3.03, and institutional investors collectively own 92.53% of the stock.
• The company declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 payout and a 4.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $33.35, compared with the stock’s reported price of $30.53.

Expect Equity LLC acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 143,065 shares of the financial services provider's stock, valued at approximately $4,585,000. Columbia Banking System accounts for about 3.0% of Expect Equity LLC's investment portfolio, making the stock its 2nd biggest holding. Expect Equity LLC owned 0.05% of Columbia Banking System at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in COLB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Columbia Banking System during the 2nd quarter worth approximately $29,000. Geneos Wealth Management Inc. grew its stake in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock worth $30,000 after acquiring an additional 794 shares in the last quarter. Cedar Mountain Advisors LLC increased its position in shares of Columbia Banking System by 571.7% during the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after acquiring an additional 949 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Columbia Banking System during the second quarter worth $31,000. Finally, Horizon Investments LLC raised its stake in shares of Columbia Banking System by 168.8% in the fourth 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. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $30.53 on Wednesday. The business has a 50-day moving average of $31.70 and a two-hundred day moving average of $30.06. The company has a market capitalization of $8.64 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 3.04 and a beta of 0.63. Columbia Banking System, Inc. has a 1 year low of $23.83 and a 1 year high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $677.00 million for the quarter, compared to the consensus estimate of $687.40 million. During the same quarter in the prior year, the business posted $0.76 EPS. As a group, equities research analysts expect that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Friday, August 28th. Columbia Banking System's payout ratio is currently 58.96%.

Insider Activity

In other news, CMO Devine David Moore sold 3,872 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the transaction, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

COLB has been the subject of several analyst reports. Barclays lowered their target price on Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating for the company in a research note on Monday, August 3rd. Keefe, Bruyette & Woods lifted their price objective on Columbia Banking System from $34.00 to $35.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. boosted their price objective on Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 1st. Fundamental Research set a $35.00 target price on shares of Columbia Banking System in a research note on Wednesday, July 1st. Finally, Royal Bank Of Canada raised their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the company a "sector perform" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $33.35.

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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