The Manufacturers Life Insurance Company Invests $68.91 Million in Columbia Banking System, Inc. $COLB

Key Points

• The Manufacturers Life Insurance Company bought 2.15 million Columbia Banking System shares worth approximately $68.9 million, giving it a 0.76% stake. Institutional investors collectively own 92.53% of the company.
• Columbia Banking System exceeded quarterly earnings expectations, reporting $0.76 EPS versus the $0.73 consensus, though revenue of $677 million fell short of estimates.
• The company declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 payout and a 4.8% yield. Analysts’ average rating remains “Hold,” with an average price target of $33.35.

The Manufacturers Life Insurance Company purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,149,943 shares of the financial services provider's stock, valued at approximately $68,906,000. The Manufacturers Life Insurance Company owned about 0.76% of Columbia Banking System as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Columbia Banking System in the 2nd quarter valued at approximately $880,443,000. Wellington Management Group LLP increased its stake in Columbia Banking System by 31.4% in the 4th quarter. Wellington Management Group LLP now owns 18,106,228 shares of the financial services provider's stock valued at $506,069,000 after buying an additional 4,324,006 shares during the period. Dimensional Fund Advisors LP increased its stake in Columbia Banking System by 3.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider's stock valued at $371,656,000 after buying an additional 408,087 shares during the period. State Street Corp raised its position in Columbia Banking System by 32.5% during the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider's stock worth $345,113,000 after buying an additional 3,290,560 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Columbia Banking System by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider's stock worth $351,179,000 after buying an additional 163,543 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $30.53 on Wednesday. The business has a 50 day moving average price of $31.70 and a 200 day moving average price of $30.06. The company has a market capitalization of $8.64 billion, a P/E ratio of 12.16, a P/E/G ratio of 3.04 and a beta of 0.63. Columbia Banking System, Inc. has a 1 year low of $23.83 and a 1 year high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The company had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same quarter last year, the business posted $0.76 earnings per share. As a group, research 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 disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Friday, August 28th. Columbia Banking System's dividend payout ratio (DPR) is currently 58.96%.

Analyst Ratings Changes

A number of research firms recently weighed in on COLB. Stephens lifted their price target on Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Weiss Ratings upgraded Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 24th. Royal Bank Of Canada raised 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 upped their price target on shares of 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, Zacks Research downgraded shares of Columbia Banking System from a "hold" rating to a "strong sell" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $33.35.

Insiders Place Their Bets

In related news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction dated Monday, June 8th. The shares were 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 owned 18,636 shares of the company's stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.57% of the company's stock.

Columbia Banking System 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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