William Blair Investment Management LLC Sells 991,404 Shares of Columbia Banking System, Inc. $COLB

Key Points

• William Blair Investment Management drastically cut its Columbia Banking System stake by 98.8% in the fourth quarter, selling 991,404 shares and leaving it with just 12,232 shares worth about $342,000.
• Columbia Banking System reported better-than-expected earnings for the quarter, posting $0.72 EPS versus the $0.68 estimate, while revenue rose 37.9% year over year to $675 million.
• The company announced a quarterly dividend of $0.37 per share, payable June 15, which annualizes to $1.48 per share and implies a 4.9% yield.

William Blair Investment Management LLC trimmed its stake in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 98.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,232 shares of the financial services provider's stock after selling 991,404 shares during the quarter. William Blair Investment Management LLC's holdings in Columbia Banking System were worth $342,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of COLB. Principle Wealth Partners LLC purchased a new position in shares of Columbia Banking System in the 4th quarter worth about $205,000. Keudell Morrison Wealth Management purchased a new stake in Columbia Banking System during the 4th quarter valued at about $208,000. Global Retirement Partners LLC increased its stake in Columbia Banking System by 130.6% during the 4th quarter. Global Retirement Partners LLC now owns 6,024 shares of the financial services provider's stock valued at $168,000 after purchasing an additional 3,412 shares in the last quarter. Mach 1 Financial Group LLC purchased a new position in Columbia Banking System in the fourth quarter worth about $552,000. Finally, PNC Financial Services Group Inc. raised its holdings in Columbia Banking System by 18.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 35,500 shares of the financial services provider's stock worth $992,000 after buying an additional 5,614 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COLB. JPMorgan Chase & Co. cut their price target on shares of Columbia Banking System from $34.00 to $31.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Piper Sandler upped their price objective on Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Wall Street Zen downgraded Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Barclays decreased their price target on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 7th. Finally, UBS Group initiated coverage on Columbia Banking System in a report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and a consensus price target of $32.13.

Insider Buying and Selling at Columbia Banking System

In other news, VP Torran B. Nixon sold 2,241 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $63,308.25. Following the transaction, the vice president owned 100,469 shares in the company, valued at $2,838,249.25. This represents a 2.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 5,629 shares of company stock valued at $158,044. 0.57% of the stock is owned by corporate insiders.

Columbia Banking System Trading Up 1.1%

Shares of COLB stock opened at $30.07 on Wednesday. Columbia Banking System, Inc. has a 12-month low of $21.91 and a 12-month high of $32.70. The stock has a market capitalization of $8.70 billion, a P/E ratio of 11.98 and a beta of 0.63. The firm's 50 day moving average is $28.60 and its 200 day moving average is $28.72.

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, topping the consensus estimate of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The company had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. During the same quarter in the previous year, the company posted $0.67 earnings per share. Columbia Banking System's revenue was up 37.9% compared to the same quarter last year. As a group, equities analysts predict that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.48 annualized dividend and a dividend yield of 4.9%. Columbia Banking System's dividend payout ratio is presently 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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