Pzena Investment Management LLC Has $50.43 Million Stock Holdings in Columbia Banking System, Inc. $COLB

Key Points

• Pzena Investment Management trimmed its stake in Columbia Banking System by 6.3% in the fourth quarter, but still held 1.8 million shares valued at about $50.43 million.
• Columbia Banking System reported quarterly EPS of $0.72, topping analyst expectations, while revenue rose 37.9% year over year. The company also said it expects full-year EPS of 3.08.
• The bank announced a quarterly dividend of $0.37 per share, or $1.48 annually, for a 5.0% yield. Analysts currently rate the stock a consensus Hold with an average price target of $32.13.

Pzena Investment Management LLC lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,804,394 shares of the financial services provider's stock after selling 121,952 shares during the period. Pzena Investment Management LLC owned 0.60% of Columbia Banking System worth $50,433,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its holdings in Columbia Banking System by 130.6% during the fourth quarter. Global Retirement Partners LLC now owns 6,024 shares of the financial services provider's stock valued at $168,000 after purchasing an additional 3,412 shares during the last quarter. Mach 1 Financial Group LLC acquired a new position in Columbia Banking System during the fourth quarter valued at approximately $552,000. PNC Financial Services Group Inc. grew its holdings in Columbia Banking System by 18.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 35,500 shares of the financial services provider's stock valued at $992,000 after purchasing an additional 5,614 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Columbia Banking System by 35.8% during the fourth quarter. Handelsbanken Fonder AB now owns 95,299 shares of the financial services provider's stock valued at $2,664,000 after purchasing an additional 25,100 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in Columbia Banking System by 62.8% during the fourth quarter. HighTower Advisors LLC now owns 60,655 shares of the financial services provider's stock valued at $1,695,000 after purchasing an additional 23,399 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Stock Performance

Shares of NASDAQ COLB opened at $29.62 on Friday. The stock has a market cap of $8.57 billion, a PE ratio of 11.80 and a beta of 0.63. The business has a fifty day moving average of $28.40 and a two-hundred day moving average of $28.65. Columbia Banking System, Inc. has a 52-week low of $21.91 and a 52-week high of $32.70.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.04. The company had revenue of $675.00 million during the quarter, compared to analysts' expectations of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The business's revenue was up 37.9% on a year-over-year basis. During the same period last year, the business earned $0.67 earnings per share. Analysts predict 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 will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.0%. Columbia Banking System's dividend payout ratio (DPR) is presently 58.96%.

Insider Activity

In other Columbia Banking System news, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the transaction, the vice president directly owned 100,469 shares of the company's stock, valued at approximately $2,838,249.25. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 5,629 shares of company stock worth $158,044 over the last three months. 0.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on COLB. Wall Street Zen downgraded Columbia Banking System from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. 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. DA Davidson increased their price objective on Columbia Banking System from $30.00 to $32.50 and gave the company a "neutral" rating in a research report on Friday, January 23rd. Weiss Ratings raised Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. Finally, Barclays reduced their price objective on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $32.13.

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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