Ieq Capital LLC Buys Shares of 320,277 Columbia Banking System, Inc. $COLB

Key Points

• Ieq Capital LLC acquired 320,277 shares of Columbia Banking System in the second quarter, valued at approximately $10.3 million. Institutional investors collectively own 92.53% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $33.35. Recent targets range from $30 to $35.
• Columbia Banking System exceeded quarterly EPS expectations, reporting $0.76 versus the $0.73 consensus, while declaring a quarterly dividend of $0.37 per share, representing a 4.8% annualized yield.

Ieq Capital LLC purchased 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 SEC. The institutional investor purchased 320,277 shares of the financial services provider's stock, valued at approximately $10,265,000. Ieq Capital LLC owned 0.11% of Columbia Banking System at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quad Cities Investment Group LLC raised its position in shares of Columbia Banking System by 0.7% during the 2nd quarter. Quad Cities Investment Group LLC now owns 45,802 shares of the financial services provider's stock valued at $1,468,000 after buying an additional 331 shares during the period. TD Waterhouse Canada Inc. grew its position in Columbia Banking System by 6.2% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider's stock worth $166,000 after acquiring an additional 348 shares during the period. Hilton Head Capital Partners LLC grew its position in Columbia Banking System by 25.8% in the first quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider's stock worth $53,000 after acquiring an additional 399 shares during the period. State of Michigan Retirement System grew its position in Columbia Banking System by 0.6% in the first quarter. State of Michigan Retirement System now owns 71,041 shares of the financial services provider's stock worth $1,949,000 after acquiring an additional 400 shares during the period. Finally, Kera Capital Partners Inc. increased its stake in Columbia Banking System by 5.7% during the first quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider's stock worth $217,000 after acquiring an additional 425 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on COLB. Barclays reduced their target price on Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research report on Monday, August 3rd. Wells Fargo & Company increased their price target on Columbia Banking System from $32.00 to $34.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Wall Street Zen downgraded Columbia Banking System from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. Fundamental Research set a $35.00 price objective on shares of Columbia Banking System in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods upped their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the company an "outperform" rating in a research 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 given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $33.35.

Insider Activity at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction that occurred 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. The trade was a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.57% of the company's stock.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $30.81 on Friday. The company has a market capitalization of $8.72 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 3.05 and a beta of 0.63. Columbia Banking System, Inc. has a fifty-two week low of $23.83 and a fifty-two week high of $33.67. The firm has a 50 day moving average price of $31.71 and a 200 day moving average price of $30.06.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) 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 firm had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same quarter in the prior year, the company earned $0.76 EPS. As a group, equities research analysts forecast 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 declared 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 of this dividend is Friday, August 28th. Columbia Banking System's dividend payout ratio is currently 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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