Quantinno Capital Management LP Buys 117,442 Shares of Columbia Banking System, Inc. $COLB

Key Points

• Quantinno Capital Management increased its Columbia Banking System stake by 12.4%, buying 117,442 shares to own 1.07 million shares, or 0.37% of the company. Institutional investors collectively hold 92.53% of COLB.
• Columbia Banking System reported quarterly EPS of $0.76, beating estimates by $0.03, while revenue of $680 million fell short of expectations. The company also maintains a quarterly dividend of $0.37, equating to a 4.7% annualized yield.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $33.27, versus the stock’s reported opening price of $31.27.

Quantinno Capital Management LP increased its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 12.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,066,686 shares of the financial services provider's stock after buying an additional 117,442 shares during the period. Quantinno Capital Management LP owned 0.37% of Columbia Banking System worth $29,259,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COLB. Wellington Management Group LLP boosted its holdings in Columbia Banking System by 135.2% in the third 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 in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Columbia Banking System by 140.5% in the fourth 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 last quarter. Norges Bank bought a new position in shares of Columbia Banking System during the fourth quarter valued at $103,012,000. North Reef Capital Management LP increased its holdings in shares of Columbia Banking System by 3,600.0% during the fourth quarter. North Reef Capital Management LP now owns 3,700,000 shares of the financial services provider's stock valued at $103,415,000 after acquiring an additional 3,600,000 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Columbia Banking System by 32.5% during the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock valued at $345,113,000 after acquiring an additional 3,290,560 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the transaction, the chief marketing officer directly owned 18,636 shares of the company's stock, valued at $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by insiders.

Columbia Banking System Price Performance

Columbia Banking System stock opened at $31.27 on Friday. Columbia Banking System, Inc. has a one year low of $22.77 and a one year high of $33.67. The business's fifty day moving average is $31.16 and its 200 day moving average is $29.77. The stock has a market capitalization of $9.05 billion, a PE ratio of 12.46, a price-to-earnings-growth ratio of 3.10 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.73 by $0.03. The business had revenue of $680.00 million during the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same quarter in the previous year, the firm earned $0.76 EPS. As a group, sell-side analysts expect that Columbia Banking System, Inc. will post 3.03 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a $0.37 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.7%. Columbia Banking System's payout ratio is currently 58.96%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on COLB. JPMorgan Chase & Co. upped their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 1st. Royal Bank Of Canada raised their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the company a "sector perform" rating in a research note on Friday, July 24th. Stephens lifted their target price on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a report on Wednesday, July 1st. Finally, 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. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $33.27.

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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