SG Americas Securities LLC Boosts Position in Columbia Banking System, Inc. $COLB

Key Points

• SG Americas Securities LLC boosted its stake in Columbia Banking System by 156.5% in the first quarter, bringing its holdings to 66,727 shares worth about $1.83 million.
• Columbia Banking System reported better-than-expected quarterly earnings of $0.72 per share, topping analyst estimates, while revenue rose 37.9% year over year.
• The bank recently paid a quarterly dividend of $0.37 per share, equal to an annualized yield of about 4.7%, even as a company insider sold shares in June.

SG Americas Securities LLC increased its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 156.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,727 shares of the financial services provider's stock after acquiring an additional 40,708 shares during the quarter. SG Americas Securities LLC's holdings in Columbia Banking System were worth $1,830,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Columbia Banking System by 14.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider's stock valued at $193,977,000 after buying an additional 929,862 shares during the period. HoldCo Asset Management LP raised its position in shares of Columbia Banking System by 27.6% during the 3rd quarter. HoldCo Asset Management LP now owns 5,722,786 shares of the financial services provider's stock valued at $147,305,000 after buying an additional 1,239,489 shares during the period. Lighthouse Investment Partners LLC raised its position in shares of Columbia Banking System by 268.5% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 664,684 shares of the financial services provider's stock valued at $17,109,000 after buying an additional 484,304 shares during the period. BW Gestao de Investimentos Ltda. acquired a new position in Columbia Banking System in the fourth quarter valued at approximately $9,782,000. Finally, Easterly Investment Partners LLC lifted its holdings in Columbia Banking System by 10.6% in the fourth quarter. Easterly Investment Partners LLC now owns 713,206 shares of the financial services provider's stock valued at $19,934,000 after acquiring an additional 68,388 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Stock Down 2.4%

Shares of COLB opened at $31.72 on Friday. The company has a market cap of $9.18 billion, a P/E ratio of 12.64 and a beta of 0.62. Columbia Banking System, Inc. has a fifty-two week low of $22.77 and a fifty-two week high of $32.77. The firm's 50 day moving average price is $30.07 and its 200 day moving average price is $29.29.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.04. The business had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The company's revenue was up 37.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. Research analysts forecast 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 declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.7%. Columbia Banking System's dividend payout ratio is 58.96%.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares of the company's stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on COLB. Fundamental Research set a $35.00 target price on Columbia Banking System in a research note on Wednesday. Barclays reduced their target price on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 7th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Columbia Banking System in a report on Monday. UBS Group started coverage on Columbia Banking System in a report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Columbia Banking System currently has an average rating of "Hold" and a consensus target price of $32.65.

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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