Hsbc Holdings PLC Acquires Shares of 116,681 Columbia Banking System, Inc. $COLB

Key Points

• HSBC Holdings acquired 116,681 shares of Columbia Banking System worth approximately $3.75 million in the second quarter. Several other institutions also initiated positions, bringing institutional ownership to 92.53%.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $33.35. Shares opened at $30.07, down 2.0%, after the company beat quarterly EPS estimates but missed revenue expectations.
• Columbia Banking System declared a quarterly dividend of $0.37 per share, equivalent to $1.48 annually and a 4.9% yield, with a payout ratio of 58.96%.

Hsbc Holdings PLC bought a new position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 116,681 shares of the financial services provider's stock, valued at approximately $3,750,000.

Other hedge funds also recently added to or reduced their stakes in the company. Expect Equity LLC purchased a new stake in Columbia Banking System in the 2nd quarter worth about $4,585,000. Palisade Capital Management LP bought a new position in shares of Columbia Banking System during the second quarter valued at approximately $14,648,000. Legal & General Group Plc purchased a new stake in shares of Columbia Banking System in the second quarter worth approximately $13,049,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Columbia Banking System in the second quarter worth approximately $68,906,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Columbia Banking System during the 2nd quarter worth approximately $875,000. 92.53% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction dated 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 in the company, valued at $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wells Fargo & Company upped their price objective on Columbia Banking System from $32.00 to $34.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Zacks Research lowered shares of Columbia Banking System from a "hold" rating to a "strong sell" rating in a research note on Friday, July 31st. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a report on Wednesday, July 1st. Barclays reduced their price target on shares of Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $33.35.

Columbia Banking System Stock Down 2.0%

COLB opened at $30.07 on Friday. The stock's fifty day moving average is $31.71 and its two-hundred day moving average is $30.04. The company has a market capitalization of $8.51 billion, a P/E ratio of 11.98, a PEG ratio of 2.98 and a beta of 0.63. Columbia Banking System, Inc. has a 52 week low of $23.83 and a 52 week high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping 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 business had revenue of $677.00 million during the quarter, compared to analysts' expectations of $687.40 million. During the same period in the prior year, the business earned $0.76 EPS. Equities analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. Columbia Banking System's dividend payout ratio is 58.96%.

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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