Mackenzie Financial Corp Sells 304,398 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Key Points

• Mackenzie Financial Corp significantly reduced its stake in Columbia Banking System by 75.2%, selling 304,398 shares during the first quarter and holding 100,624 shares afterward.
• Columbia Banking System's stock showed a drop of 2.3% recently, with a market cap of $4.89 billion and earnings exceeding analysts' expectations at $0.76 per share for the last quarter.
• Numerous analysts have recently adjusted their target prices for Columbia Banking System, with an average price target of $28.93 and a consensus rating of "Hold."

Mackenzie Financial Corp cut its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 75.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,624 shares of the financial services provider's stock after selling 304,398 shares during the period. Mackenzie Financial Corp's holdings in Columbia Banking System were worth $2,510,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in COLB. State of Michigan Retirement System raised its stake in Columbia Banking System by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock worth $1,251,000 after acquiring an additional 500 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Columbia Banking System by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock valued at $1,464,000 after purchasing an additional 500 shares in the last quarter. Xponance Inc. raised its stake in shares of Columbia Banking System by 2.2% during the 1st quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock worth $606,000 after buying an additional 517 shares during the last quarter. Sippican Capital Advisors increased its stake in shares of Columbia Banking System by 0.5% during the 1st quarter. Sippican Capital Advisors now owns 108,027 shares of the financial services provider's stock worth $2,694,000 after purchasing an additional 540 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its position in Columbia Banking System by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 91,679 shares of the financial services provider's stock worth $2,476,000 after buying an additional 580 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Stock Up 2.7%

NASDAQ COLB traded up $0.62 on Monday, hitting $23.88. The stock had a trading volume of 2,317,265 shares, compared to its average volume of 1,956,674. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 9.48 and a beta of 0.62. Columbia Banking System, Inc. has a one year low of $19.61 and a one year high of $32.85. The company's 50-day moving average is $23.83 and its two-hundred day moving average is $24.60.

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

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a $0.36 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.0%. Columbia Banking System's dividend payout ratio is currently 57.14%.

Wall Street Analysts Forecast Growth

COLB has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 1st. Stephens raised shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 target price for the company in a research note on Monday. Keefe, Bruyette & Woods decreased their price target on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a research note on Thursday, April 24th. DA Davidson upped their price target on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Finally, Barclays raised their target price 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. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $28.86.

Columbia Banking System Company Profile

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.