Headlands Technologies LLC Reduces Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Key Points

• Headlands Technologies LLC drastically reduced its investment in Columbia Banking System, decreasing its holdings by 89.9% and now owns 1,510 shares worth approximately $38,000.
• Columbia Banking System's stock price increased by 3.5%, reaching $26.13, and the company reported an earnings per share (EPS) of $0.76 for the last quarter, exceeding analysts' expectations.
• The firm announced a quarterly dividend of $0.36, resulting in an annualized yield of 5.5%, with a payout ratio of 57.14%.

Headlands Technologies LLC decreased its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 89.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,510 shares of the financial services provider's stock after selling 13,432 shares during the period. Headlands Technologies LLC's holdings in Columbia Banking System were worth $38,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Bank of Montreal Can lifted its holdings in Columbia Banking System by 6.4% in the fourth quarter. Bank of Montreal Can now owns 42,545 shares of the financial services provider's stock valued at $1,149,000 after acquiring an additional 2,565 shares during the period. Raymond James Financial Inc. acquired a new position in Columbia Banking System in the fourth quarter valued at approximately $22,476,000. Treasurer of the State of North Carolina lifted its holdings in Columbia Banking System by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 91,679 shares of the financial services provider's stock valued at $2,476,000 after acquiring an additional 580 shares during the period. Mariner LLC lifted its holdings in Columbia Banking System by 17.0% in the fourth quarter. Mariner LLC now owns 27,221 shares of the financial services provider's stock valued at $735,000 after acquiring an additional 3,950 shares during the period. Finally, Guggenheim Capital LLC lifted its holdings in Columbia Banking System by 3.5% in the fourth quarter. Guggenheim Capital LLC now owns 30,223 shares of the financial services provider's stock valued at $816,000 after acquiring an additional 1,029 shares during the period. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Performance

Shares of COLB traded down $0.50 during trading hours on Friday, hitting $25.64. 2,924,932 shares of the stock were exchanged, compared to its average volume of 2,565,348. Columbia Banking System, Inc. has a 12-month low of $19.61 and a 12-month high of $32.85. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 10.17 and a beta of 0.62. The stock's 50-day moving average price is $24.07 and its two-hundred day moving average price is $24.37.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.66 by $0.10. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%. The firm had revenue of $511.55 million during the quarter, compared to analysts' expectations of $492.00 million. During the same period in the previous year, the business earned $0.67 earnings per share. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. On average, research analysts expect that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.6%. Columbia Banking System's payout ratio is 57.14%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. decreased their price target on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating for the company in a report on Tuesday, July 1st. Barclays boosted their price target on Columbia Banking System from $27.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Jefferies Financial Group started coverage on Columbia Banking System in a report on Wednesday, May 21st. They issued a "hold" rating and a $27.00 price target for the company. Wells Fargo & Company boosted their price objective on Columbia Banking System from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods cut their price objective on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating for the company in a research report on Thursday, April 24th. Eleven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $28.86.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.