Merit Financial Group LLC Invests $275,000 in Columbia Banking System, Inc. (NASDAQ:COLB)

Merit Financial Group LLC purchased a new position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 11,029 shares of the financial services provider's stock, valued at approximately $275,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its holdings in shares of Columbia Banking System by 0.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 12,625,834 shares of the financial services provider's stock worth $341,024,000 after acquiring an additional 33,477 shares during the period. American Century Companies Inc. grew its holdings in shares of Columbia Banking System by 0.8% in the 4th quarter. American Century Companies Inc. now owns 7,602,571 shares of the financial services provider's stock worth $205,345,000 after acquiring an additional 61,242 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Columbia Banking System by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,315,896 shares of the financial services provider's stock worth $197,602,000 after acquiring an additional 206,643 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Columbia Banking System by 10.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,514,816 shares of the financial services provider's stock worth $148,956,000 after acquiring an additional 512,542 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Columbia Banking System by 9.3% in the 4th quarter. Invesco Ltd. now owns 2,456,964 shares of the financial services provider's stock worth $66,363,000 after acquiring an additional 209,774 shares during the period. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Stock Down 3.3%

Shares of COLB stock traded down $0.78 during mid-day trading on Friday, hitting $22.60. 2,616,973 shares of the company's stock were exchanged, compared to its average volume of 1,777,962. Columbia Banking System, Inc. has a fifty-two week low of $18.22 and a fifty-two week high of $32.85. The stock has a 50-day simple moving average of $23.27 and a two-hundred day simple moving average of $25.73. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 8.90 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The business had revenue of $481.92 million for the quarter, compared to analysts' expectations of $482.86 million. During the same quarter last year, the firm earned $0.65 earnings per share. The business's revenue was up 3.7% on a year-over-year basis. As a group, analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 6.37%. The ex-dividend date is Friday, May 30th. Columbia Banking System's dividend payout ratio (DPR) is 61.02%.

Analysts Set New Price Targets

A number of research firms recently weighed in on COLB. Jefferies Financial Group began coverage on Columbia Banking System in a report on Wednesday, May 21st. They issued a "hold" rating and a $27.00 price target on the stock. Wall Street Zen assumed coverage on Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating on the stock. DA Davidson increased their target price on Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday. Raymond James set a $27.00 target price on Columbia Banking System and gave the company an "outperform" rating in a report on Thursday, April 24th. Finally, Barclays increased their target price on Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $29.71.

Columbia Banking System 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.