Vistica Wealth Advisors LLC Acquires Shares of 65,452 Columbia Banking System, Inc. $COLB

Key Points

• Vistica Wealth Advisors disclosed a new fourth-quarter stake in Columbia Banking System, buying 65,452 shares worth about $1.83 million. The position now makes up roughly 1.8% of its portfolio and is its 16th largest holding.
• Columbia Banking System reported better-than-expected earnings for the latest quarter, posting $0.72 EPS versus the $0.68 consensus estimate. Revenue came in at $675 million, up 37.9% year over year, and the company also maintained a solid 11.41% return on equity.
• The bank announced a quarterly dividend of $0.37 per share, implying an annualized yield of about 4.7%. Meanwhile, analysts remain mostly cautious, with an average rating of Hold and a price target of $32.13.

Vistica Wealth Advisors LLC purchased a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 65,452 shares of the financial services provider's stock, valued at approximately $1,829,000. Columbia Banking System makes up about 1.8% of Vistica Wealth Advisors LLC's investment portfolio, making the stock its 16th largest position.

Other large investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its position in shares of Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 794 shares in the last quarter. Horizon Investments LLC lifted its position 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 valued at $34,000 after purchasing an additional 773 shares in the last quarter. Rossby Financial LCC bought a new position in shares of Columbia Banking System in the fourth quarter valued at approximately $36,000. Hilton Head Capital Partners LLC bought a new position in shares of Columbia Banking System in the fourth quarter valued at approximately $43,000. Finally, Torren Management LLC bought a new stake in Columbia Banking System during the fourth quarter worth $49,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Trading Up 1.6%

Shares of NASDAQ:COLB opened at $31.31 on Friday. The company has a 50 day moving average of $29.36 and a 200 day moving average of $28.99. The stock has a market cap of $9.06 billion, a P/E ratio of 12.47 and a beta of 0.63. Columbia Banking System, Inc. has a 12 month low of $21.91 and a 12 month high of $32.70.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.68 by $0.04. The company had revenue of $675.00 million during the quarter, compared to analysts' expectations of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. Columbia Banking System's revenue for the quarter was up 37.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share. On average, equities analysts forecast that Columbia Banking System, Inc. will post 3.08 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, May 29th. Columbia Banking System's payout ratio is currently 58.96%.

Insider Buying and Selling

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction that occurred on 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 $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of 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. UBS Group assumed coverage on shares of Columbia Banking System in a research report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 price objective on the stock. Citigroup lifted their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. lowered their price objective on shares of Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Finally, Weiss Ratings raised shares of Columbia Banking System from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.13.

About Columbia Banking System

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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