Quantbot Technologies LP Trims Stock Position in Columbia Banking System, Inc. $COLB

Key Points

• Quantbot Technologies LP trimmed its stake by 77.6% in Columbia Banking System in Q3, selling 187,618 shares and leaving it with 54,239 shares valued at about $1.396 million.
• Columbia beat quarterly estimates, reporting $0.82 EPS vs. $0.72 expected and $715 million in revenue, and announced a $0.37 quarterly dividend (annualized $1.48) representing a 5.3% yield.
• Institutional ownership is high at 92.53% with large buyers like Bank of New York Mellon significantly increasing positions, while analysts hold a consensus "Hold" rating with an average price target of $32.04 amid several recent upgrades.

Quantbot Technologies LP decreased its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 77.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,239 shares of the financial services provider's stock after selling 187,618 shares during the period. Quantbot Technologies LP's holdings in Columbia Banking System were worth $1,396,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COLB. Principal Financial Group Inc. boosted its position in shares of Columbia Banking System by 39.4% in the 3rd quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider's stock valued at $17,094,000 after purchasing an additional 187,551 shares during the period. Bank of New York Mellon Corp increased its position in Columbia Banking System by 145.3% during the third quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider's stock worth $180,671,000 after buying an additional 4,157,835 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Columbia Banking System during the second quarter worth approximately $2,187,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Columbia Banking System by 45.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider's stock valued at $7,179,000 after buying an additional 87,627 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Columbia Banking System by 25.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider's stock valued at $192,941,000 after buying an additional 1,497,177 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Stock Down 2.0%

Shares of Columbia Banking System stock opened at $28.00 on Friday. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $32.70. The company's 50-day simple moving average is $29.66 and its 200-day simple moving average is $27.79. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 12.39 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The firm had revenue of $715.00 million during the quarter, compared to the consensus estimate of $693.23 million. During the same quarter last year, the firm earned $0.71 earnings per share. Equities research analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be paid a $0.37 dividend. The ex-dividend date is Friday, February 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.3%. Columbia Banking System's payout ratio is 65.49%.

Insider Buying and Selling

In related news, Director Steven R. Gardner sold 13,725 shares of the company's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $29.43, for a total transaction of $403,926.75. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Torran B. Nixon sold 2,240 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total value of $64,624.00. Following the completion of the sale, the vice president directly owned 98,229 shares of the company's stock, valued at approximately $2,833,906.65. This trade represents a 2.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 18,206 shares of company stock worth $531,859. Company insiders own 0.68% of the company's stock.

Wall Street Analyst Weigh In

COLB has been the topic of a number of recent research reports. Citigroup lifted their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Tuesday, February 24th. Stephens raised their price objective on shares of Columbia Banking System from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Friday, January 23rd. TD Cowen reaffirmed a "hold" rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Weiss Ratings upgraded shares of Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday. Finally, Piper Sandler boosted their price target on Columbia Banking System from $34.50 to $36.00 and gave the company an "overweight" rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $32.04.

Columbia Banking System Company 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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