Persistent Asset Partners Ltd Takes Position in Columbia Banking System, Inc. $COLB

Key Points

• Persistent Asset Partners Ltd disclosed a new fourth-quarter stake in Columbia Banking System, buying 35,083 shares valued at about $981,000.
• The company reported better-than-expected quarterly earnings, with EPS of $0.72 versus the $0.68 estimate, while revenue came in at $675 million and rose 37.9% year over year.
• Columbia Banking System also paid a quarterly dividend of $0.37, or $1.48 annualized, which equates to a 4.8% yield; meanwhile, analyst sentiment remains cautious with a consensus rating of Hold.

Persistent Asset Partners Ltd bought a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,083 shares of the financial services provider's stock, valued at approximately $981,000.

A number of other institutional investors also recently modified their holdings of COLB. AQR Capital Management LLC raised its stake in shares of Columbia Banking System by 35.4% in the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock valued at $1,402,000 after acquiring an additional 14,824 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Columbia Banking System by 23.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock worth $2,063,000 after buying an additional 15,845 shares in the last quarter. Millennium Management LLC lifted its position in Columbia Banking System by 572.7% during the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider's stock worth $12,089,000 after buying an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Columbia Banking System by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider's stock worth $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider's stock worth $22,128,000 after buying an additional 16,165 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on COLB. Barclays reduced their price target on shares of Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 7th. UBS Group began coverage on shares of Columbia Banking System in a research report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target on the stock. Wall Street Zen downgraded shares of Columbia Banking System from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. Weiss Ratings upgraded Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. Finally, Piper Sandler increased their price objective on Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Columbia Banking System presently has a consensus rating of "Hold" and a consensus price target of $32.13.

Columbia Banking System Price Performance

Shares of NASDAQ:COLB opened at $30.88 on Wednesday. Columbia Banking System, Inc. has a one year low of $21.91 and a one year high of $32.70. The company has a 50 day moving average of $29.48 and a 200-day moving average of $29.03. The stock has a market cap of $8.94 billion, a price-to-earnings ratio of 12.30 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.68 by $0.04. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The company had revenue of $675.00 million during the quarter, compared to analysts' expectations of $677.34 million. During the same quarter in the previous year, the company earned $0.67 EPS. Columbia Banking System's revenue was up 37.9% on a year-over-year basis. Equities research analysts anticipate that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Friday, May 29th. Columbia Banking System's dividend payout ratio is currently 58.96%.

Insider Buying and Selling

In related news, CMO Devine David Moore sold 3,872 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.57% of the company's stock.

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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