Pzena Investment Management LLC Has $36.05 Million Stock Holdings in Columbia Banking System, Inc. $COLB

Key Points

• Pzena Investment Management LLC has increased its stake in Columbia Banking System, Inc. by 8.6% during the second quarter, now owning 1,541,697 shares worth approximately $36.05 million.
• Columbia Banking System announced a quarterly dividend of $0.36, which translates to an annualized dividend of $1.44 and a yield of 5.8%.
• The company has received varying ratings from analysts, with majority recommending it as a Hold, while the consensus target price stands at $29.33.

Pzena Investment Management LLC raised its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 8.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,541,697 shares of the financial services provider's stock after purchasing an additional 121,758 shares during the period. Pzena Investment Management LLC owned 0.73% of Columbia Banking System worth $36,045,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Michigan Retirement System increased its position in Columbia Banking System by 1.0% during the first quarter. State of Michigan Retirement System now owns 50,141 shares of the financial services provider's stock worth $1,251,000 after acquiring an additional 500 shares during the period. Louisiana State Employees Retirement System increased its position in Columbia Banking System by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 58,700 shares of the financial services provider's stock worth $1,464,000 after acquiring an additional 500 shares during the period. Xponance Inc. increased its position in Columbia Banking System by 2.2% during the first quarter. Xponance Inc. now owns 24,313 shares of the financial services provider's stock worth $606,000 after acquiring an additional 517 shares during the period. Mengis Capital Management Inc. increased its position in Columbia Banking System by 1.1% during the second quarter. Mengis Capital Management Inc. now owns 50,511 shares of the financial services provider's stock worth $1,181,000 after acquiring an additional 529 shares during the period. Finally, Sippican Capital Advisors increased its position in Columbia Banking System by 0.5% during the first quarter. Sippican Capital Advisors now owns 108,027 shares of the financial services provider's stock worth $2,694,000 after acquiring an additional 540 shares during the period. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Price Performance

COLB opened at $24.90 on Monday. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The firm's fifty day moving average price is $25.94 and its two-hundred day moving average price is $24.36. The company has a market capitalization of $5.24 billion, a P/E ratio of 9.88 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.31%. The firm had revenue of $348.47 million for the quarter. On average, equities research analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.8%. The ex-dividend date was Friday, August 29th. Columbia Banking System's payout ratio is currently 57.14%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COLB. Citigroup reaffirmed a "neutral" rating and set a $26.00 target price (up previously from $22.00) on shares of Columbia Banking System in a research report on Monday, July 28th. Raymond James Financial raised shares of Columbia Banking System from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from $27.00 to $31.00 in a research report on Monday, September 15th. Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Stephens upgraded shares of Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price target on the stock in a research note on Monday, August 4th. Finally, Cowen initiated coverage on shares of Columbia Banking System in a research note on Wednesday, September 24th. They set a "hold" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $29.33.

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.

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