Public Employees Retirement System of Ohio Makes New $2.75 Million Investment in Columbia Banking System, Inc. $COLB

Key Points

• Public Employees Retirement System of Ohio acquired 85,691 shares of Columbia Banking System valued at approximately $2.75 million in the second quarter. Institutional investors and hedge funds collectively own 92.53% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $33.62, above its reported opening price of $30.80.
• Columbia Banking System reported quarterly EPS of $0.76, beating estimates by $0.03, and declared a quarterly dividend of $0.37, equivalent to a 4.8% annualized yield.

Public Employees Retirement System of Ohio purchased a new position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 85,691 shares of the financial services provider's stock, valued at approximately $2,746,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Columbia Banking System in the 2nd quarter valued at $880,443,000. Wellington Management Group LLP lifted its position in Columbia Banking System by 135.2% during the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock worth $354,754,000 after acquiring an additional 7,921,303 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Columbia Banking System by 140.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider's stock worth $242,237,000 after acquiring an additional 5,063,212 shares during the period. Bank of New York Mellon Corp purchased a new stake in Columbia Banking System during the 2nd quarter valued at about $120,867,000. Finally, Norges Bank acquired a new position in shares of Columbia Banking System in the fourth quarter valued at about $103,012,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Columbia Banking System

In other news, CMO David Moore Devine sold 3,872 shares of the business's stock in a transaction that occurred on 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 directly owned 18,636 shares in the company, valued at $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their target price on Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Zacks Research upgraded shares of Columbia Banking System from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Royal Bank Of Canada raised their price target on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Wells Fargo & Company lifted their price objective on shares of 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. Finally, Fundamental Research set a $35.00 price objective on shares of Columbia Banking System in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of "Moderate Buy" and an average price target of $33.62.

Columbia Banking System Stock Performance

COLB stock opened at $30.80 on Friday. Columbia Banking System, Inc. has a one year low of $23.83 and a one year high of $33.67. The firm's fifty day moving average is $31.55 and its 200 day moving average is $29.98. The firm has a market cap of $8.71 billion, a PE ratio of 12.27, a P/E/G ratio of 3.05 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (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 business had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same period in the prior year, the company posted $0.76 EPS. Research analysts predict that Columbia Banking System, Inc. will post 3.03 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Friday, August 28th. Columbia Banking System's dividend payout ratio (DPR) is presently 58.96%.

About Columbia Banking System

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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