MetLife Investment Management LLC Increases Position in Columbia Banking System, Inc. $COLB

Key Points

• MetLife Investment Management LLC has significantly increased its stake in Columbia Banking System, acquiring an additional 624,011 shares, bringing its total to approximately 742,107 shares worth around $18.5 million.
• The reported earnings for Columbia Banking System showed $0.76 earnings per share (EPS), surpassing the consensus estimate of $0.66, with a quarterly revenue of $511.55 million.
• Columbia Banking System recently announced a quarterly dividend of $0.36, which represents a 5.3% yield and a payout ratio of 57.14%.

MetLife Investment Management LLC grew its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 528.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 742,107 shares of the financial services provider's stock after buying an additional 624,011 shares during the period. MetLife Investment Management LLC owned 0.35% of Columbia Banking System worth $18,508,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in COLB. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Columbia Banking System during the 1st quarter worth approximately $37,000. UMB Bank n.a. boosted its position in shares of Columbia Banking System by 141.3% during the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock worth $41,000 after purchasing an additional 958 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of Columbia Banking System during the 4th quarter worth approximately $42,000. Financial Harvest LLC purchased a new position in shares of Columbia Banking System during the 1st quarter worth approximately $53,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Columbia Banking System during the 1st quarter worth approximately $95,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock traded down $0.33 during trading on Friday, hitting $26.77. 17,287,397 shares of the stock were exchanged, compared to its average volume of 2,835,593. Columbia Banking System, Inc. has a 12-month low of $19.61 and a 12-month high of $32.85. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of 10.62 and a beta of 0.62. The firm's 50-day moving average price is $24.78 and its 200 day moving average price is $24.28.

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

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.44 dividend on an annualized basis and a yield of 5.4%. Columbia Banking System's payout ratio is 57.14%.

Analyst Ratings Changes

COLB has been the subject of a number of research analyst reports. Barclays increased their price objective on shares of Columbia Banking System from $27.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. Stephens raised shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price objective for the company in a research report on Monday, August 4th. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $26.50 to $24.00 and set a "neutral" rating for the company in a research report on Tuesday, July 1st. Zacks Research raised shares of Columbia Banking System to a "strong-buy" rating in a research report on Monday, August 11th. Finally, Citigroup reissued a "neutral" rating and issued a $26.00 price target (up previously from $22.00) on shares of Columbia Banking System in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus 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.