Man Group plc Takes Position in Columbia Banking System, Inc. $COLB

Key Points

• Man Group plc purchased 60,597 shares of Columbia Banking System in the second quarter, valued at approximately $1.94 million. Institutional investors collectively own 92.53% of the company.
• Analysts have a consensus “Hold” rating on COLB, with an average price target of $33.62. Recent firms raised their targets to between $34 and $36, while the stock opened at $29.32.
• Columbia Banking System exceeded quarterly EPS expectations, reporting $0.76 versus the $0.73 consensus estimate. The company also announced a quarterly dividend of $0.37 per share, representing a 5.0% annualized yield.

Man Group plc bought a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 60,597 shares of the financial services provider's stock, valued at approximately $1,942,000.

Several other large investors also recently bought and sold shares of COLB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Columbia Banking System during the second quarter valued at $29,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Columbia Banking System in the 2nd quarter worth about $31,000. Cedar Mountain Advisors LLC increased its holdings in shares of Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after buying an additional 949 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after buying an additional 794 shares in the last quarter. Finally, Horizon Investments LLC raised its position in shares of Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock valued at $34,000 after buying an additional 773 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on COLB. JPMorgan Chase & Co. lifted their price target 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. Weiss Ratings raised Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Wells Fargo & Company raised their price objective on Columbia Banking System from $32.00 to $34.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods lifted their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Finally, Stephens boosted their target price on Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $33.62.

Columbia Banking System Trading Down 1.1%

Shares of COLB opened at $29.32 on Wednesday. The firm has a fifty day moving average price of $31.64 and a 200-day moving average price of $29.99. The firm has a market capitalization of $8.29 billion, a P/E ratio of 11.68, a P/E/G ratio of 2.94 and a beta of 0.62. Columbia Banking System, Inc. has a 12-month low of $23.83 and a 12-month high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $677.00 million for the quarter, compared to the consensus estimate of $687.40 million. During the same quarter last year, the firm posted $0.76 EPS. Analysts predict that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date 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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