Readystate Asset Management LP Acquires New Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Readystate Asset Management LP purchased a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 23,602 shares of the financial services provider's stock, valued at approximately $589,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd purchased a new position in Columbia Banking System in the fourth quarter valued at $29,000. UMB Bank n.a. increased its position in Columbia Banking System by 141.3% during the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock worth $41,000 after purchasing an additional 958 shares during the period. Meeder Asset Management Inc. acquired a new position in Columbia Banking System during the 4th quarter worth approximately $42,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Columbia Banking System in the 4th quarter worth approximately $42,000. Finally, Financial Harvest LLC purchased a new position in Columbia Banking System in the 1st quarter valued at approximately $53,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Trading Down 4.2%

NASDAQ:COLB traded down $1.03 during mid-day trading on Thursday, hitting $23.35. The company's stock had a trading volume of 3,196,787 shares, compared to its average volume of 2,417,736. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.85. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of 9.89 and a beta of 0.62. The stock has a fifty day moving average of $23.85 and a 200-day moving average of $24.77.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.10. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The company's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the business earned $0.67 earnings per share. On average, equities analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 6.17%. The ex-dividend date was Friday, May 30th. Columbia Banking System's payout ratio is 61.02%.

Analyst Ratings Changes

A number of equities research analysts have commented on COLB shares. Jefferies Financial Group assumed coverage on Columbia Banking System in a report on Wednesday, May 21st. They set a "hold" rating and a $27.00 target price on the stock. DA Davidson lifted their target price on Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Wall Street Zen initiated coverage on Columbia Banking System in a report on Thursday, May 22nd. They issued a "hold" rating for the company. Wells Fargo & Company downgraded Columbia Banking System from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $29.00 to $27.00 in a research note on Thursday, July 10th. Finally, Barclays reduced their price objective on Columbia Banking System from $32.00 to $27.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 8th. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Columbia Banking System currently has a consensus rating of "Hold" and an average price target of $28.79.

Columbia Banking System Company 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.