The Manufacturers Life Insurance Company Boosts Holdings in Columbia Banking System, Inc. $COLB

Key Points

• The Manufacturers Life Insurance Company increased its Columbia Banking System stake by 15.9% in the first quarter, adding 284,093 shares and bringing its holdings to 2.07 million shares worth approximately $56.8 million. Institutional investors collectively own 92.53% of the company.
• Columbia Banking System reported quarterly EPS of $0.76, exceeding the $0.73 analyst consensus, while revenue of $680 million fell slightly short of expectations. The company maintains a quarterly dividend of $0.37, representing a 4.8% annualized yield.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $33.27, compared with its recent price of $30.78.

The Manufacturers Life Insurance Company raised its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 15.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,071,915 shares of the financial services provider's stock after buying an additional 284,093 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.72% of Columbia Banking System worth $56,833,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted its stake in shares of Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock worth $30,000 after acquiring an additional 794 shares during the period. Cedar Mountain Advisors LLC increased its stake in shares of Columbia Banking System by 571.7% during the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after acquiring an additional 949 shares during the period. Horizon Investments LLC increased its stake in shares of Columbia Banking System by 168.8% during the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after acquiring an additional 773 shares during the period. Rossby Financial LCC purchased a new position in Columbia Banking System during the fourth quarter worth about $36,000. Finally, Hilton Head Capital Partners LLC purchased a new position in Columbia Banking System during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 92.53% of the company's stock.

Columbia Banking System Trading Down 1.6%

COLB stock opened at $30.78 on Thursday. The company has a market cap of $8.91 billion, a P/E ratio of 12.26, a P/E/G ratio of 2.14 and a beta of 0.62. Columbia Banking System, Inc. has a 52 week low of $22.77 and a 52 week high of $33.67. The company's 50-day moving average price is $31.10 and its 200 day moving average price is $29.75.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $680.00 million during the quarter, compared to analysts' expectations of $687.40 million. During the same period last year, the company posted $0.76 earnings per share. On average, equities research analysts expect that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued 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 4.8%. Columbia Banking System's dividend payout ratio is currently 58.96%.

Wall Street Analysts Forecast Growth

COLB has been the topic of a number of analyst reports. Weiss Ratings raised Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 24th. Barclays increased their target price on Columbia Banking System from $29.00 to $31.00 and gave the stock an "equal weight" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. raised their price target on Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Wall Street Zen downgraded Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Finally, Stephens upped their price objective on Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Columbia Banking System presently has a consensus rating of "Hold" and a consensus price target of $33.27.

Insider Buying and Selling at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value 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. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

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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