UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Position in Columbia Banking System, Inc. $COLB

Key Points

• UBS Asset Management reduced its Columbia Banking System stake by 3.8% in the second quarter, selling 33,500 shares and retaining 842,527 shares valued at approximately $27 million. Institutional investors collectively own 92.53% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $33.62; several firms recently raised their targets to as high as $36.
• Columbia Banking System reported quarterly EPS of $0.76, exceeding estimates of $0.73, and declared a quarterly dividend of $0.37, representing a 4.9% annualized yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 842,527 shares of the financial services provider's stock after selling 33,500 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.30% of Columbia Banking System worth $27,003,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Columbia Banking System in the second quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Columbia Banking System during the second quarter valued at about $31,000. Cedar Mountain Advisors LLC boosted its holdings in shares of Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $31,000 after buying an additional 949 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings 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 valued at $30,000 after buying an additional 794 shares in the last quarter. Finally, Horizon Investments LLC grew its position in shares of Columbia Banking System by 168.8% in the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after buying an additional 773 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on COLB. Stephens increased their target price on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Barclays cut their price target on shares of Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a report on Monday, August 3rd. Weiss Ratings upgraded Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 24th. DA Davidson raised Columbia Banking System from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $33.00 to $36.00 in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upped their target price on Columbia Banking System from $34.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. One research 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 MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.62.

Insider Activity

In other news, CMO David Moore Devine sold 3,872 shares of the company's 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 in the company, valued at $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is currently owned by company insiders.

Columbia Banking System Price Performance

NASDAQ:COLB opened at $30.45 on Friday. The firm has a market capitalization of $8.61 billion, a P/E ratio of 12.13, a PEG ratio of 2.98 and a beta of 0.62. Columbia Banking System, Inc. has a 1-year low of $23.83 and a 1-year high of $33.67. The company's fifty day moving average price is $31.58 and its 200-day moving average price is $29.98.

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, topping the consensus estimate of $0.73 by $0.03. The firm 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 quarter last year, the company posted $0.76 earnings per share. Equities analysts anticipate that Columbia Banking System, Inc. will post 3.03 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

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

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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