Squarepoint Ops LLC Invests $2.70 Million in Columbia Banking System, Inc. $COLB

Key Points

• Squarepoint Ops acquired 84,374 shares of Columbia Banking System in the second quarter, valued at approximately $2.70 million. Institutional investors collectively own 92.53% of COLB.
• Analyst sentiment is moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $33.62; DA Davidson upgraded the stock to “Buy” with a $36 target.
• COLB reported quarterly EPS of $0.76, exceeding estimates of $0.73, and declared a quarterly dividend of $0.37 per share, equivalent to an annualized yield of about 4.9%.

Squarepoint Ops LLC acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 84,374 shares of the financial services provider's stock, valued at approximately $2,704,000.

Several other hedge funds have also recently bought and sold shares of COLB. BlackRock Inc. acquired a new stake in shares of Columbia Banking System during the second quarter worth about $880,443,000. California State Teachers Retirement System grew its holdings in shares of Columbia Banking System by 2,897.1% in the second quarter. California State Teachers Retirement System now owns 10,763,896 shares of the financial services provider's stock valued at $335,847,000 after purchasing an additional 10,404,753 shares in the last quarter. Wellington Management Group LLP increased its stake in Columbia Banking System by 135.2% during the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider's stock worth $354,754,000 after buying an additional 7,921,303 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Columbia Banking System by 140.5% during the 4th 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 buying an additional 5,063,212 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Columbia Banking System during the 2nd quarter worth approximately $120,867,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Analyst Upgrades and Downgrades

COLB has been the subject of several recent research reports. Weiss Ratings cut shares of Columbia Banking System from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. Zacks Research upgraded Columbia Banking System from a "strong sell" rating to a "hold" rating in a research note on Monday, August 31st. Royal Bank Of Canada lifted their target price on Columbia Banking System from $34.00 to $35.00 and gave the company a "sector perform" rating in a report on Friday, July 24th. Wells Fargo & Company boosted their target price on Columbia Banking System from $32.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Finally, DA Davidson upgraded Columbia Banking System from a "neutral" rating to a "buy" rating and upped their price target for the stock from $33.00 to $36.00 in a report on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Columbia Banking System has a consensus rating of "Moderate Buy" and an average target price of $33.62.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $30.11 on Monday. Columbia Banking System, Inc. has a 52 week low of $23.83 and a 52 week high of $33.67. The company's 50 day moving average is $31.37 and its two-hundred day moving average is $29.94. The company has a market cap of $8.52 billion, a PE ratio of 12.00, a P/E/G ratio of 2.98 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $677.00 million during the quarter, compared to analysts' expectations of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same period in the previous year, the company earned $0.76 EPS. As a group, equities research analysts expect that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Friday, August 28th. Columbia Banking System's payout ratio is 58.96%.

About Columbia Banking System

Columbia Banking System, Inc is a regional bank holding company headquartered in Tacoma, Washington. Through its principal subsidiary, Columbia Bank, the company provides banking and financial services to individuals, families, businesses, professionals and public-sector organizations.

Its products and services include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, lines of credit, treasury management, wealth management, mortgage services and digital banking.

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