Wellington Management Group LLP Has $374.55 Million Stock Holdings in Columbia Banking System, Inc. $COLB

Key Points

• Wellington Management reduced its Columbia Banking System stake by 21.8% in the second quarter, selling 3.26 million shares. It still owned 11.69 million shares worth approximately $374.55 million, while institutional investors collectively held 92.53% of the stock.
• Analysts maintain a generally neutral outlook, with the stock receiving an average “Hold” rating and a consensus price target of $33.35. COLB recently traded at $30.07, within its 52-week range of $23.83 to $33.67.
• Columbia Banking System reported quarterly earnings of $0.76 per share, exceeding estimates of $0.73, and declared a quarterly dividend of $0.37. The dividend implies an annualized yield of approximately 4.9%.

Wellington Management Group LLP trimmed its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 21.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,686,430 shares of the financial services provider's stock after selling 3,257,845 shares during the quarter. Wellington Management Group LLP owned approximately 4.13% of Columbia Banking System worth $374,550,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Columbia Banking System in the 2nd quarter valued at approximately $29,000. Geneos Wealth Management Inc. lifted its holdings 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 worth $30,000 after purchasing an additional 794 shares during the period. Cedar Mountain Advisors LLC grew its stake in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after purchasing an additional 949 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Columbia Banking System in the second quarter worth $31,000. Finally, Horizon Investments LLC raised its position in Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after purchasing an additional 773 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the transaction, the chief marketing officer owned 18,636 shares in the company, valued at $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on COLB. Royal Bank Of Canada upped their price target on Columbia Banking System from $34.00 to $35.00 and gave the company a "sector perform" rating in a research report on Friday, July 24th. Stephens raised their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research report on Wednesday, July 1st. Barclays reduced their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $33.35.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $30.07 on Monday. The stock's 50-day moving average is $31.71 and its 200 day moving average is $30.03. Columbia Banking System, Inc. has a one year low of $23.83 and a one year high of $33.67. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 2.98 and a beta of 0.63.

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 for the quarter, topping analysts' consensus estimates 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 business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same period in the previous year, the company posted $0.76 earnings per share. On average, sell-side analysts expect 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 paid a $0.37 dividend. The ex-dividend date is Friday, August 28th. This represents a $1.48 annualized dividend and a dividend yield of 4.9%. Columbia Banking System's payout ratio is currently 58.96%.

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.

Want to see what other hedge funds are holding COLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Columbia Banking System, Inc. (NASDAQ:COLB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source