ZWJ Investment Counsel Inc. Has $5.16 Million Stock Position in Columbia Banking System, Inc. $COLB

Key Points

• ZWJ Investment Counsel Inc. increased its stake in Columbia Banking System, Inc. by 35.7%, owning 220,670 shares valued at $5.16 million as of the latest SEC filing.
• Columbia Banking System recently reported $0.76 EPS for the quarter, exceeding estimates, and had a revenue of $511.55 million, an increase of 8.2% year-over-year.
• The firm announced a quarterly dividend of $0.36 per share, representing a 5.5% yield and a payout ratio of 57.14%.

ZWJ Investment Counsel Inc. grew its position in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 35.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 220,670 shares of the financial services provider's stock after buying an additional 58,109 shares during the period. ZWJ Investment Counsel Inc. owned 0.10% of Columbia Banking System worth $5,159,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its stake 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 during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Columbia Banking System in the 1st quarter valued at $37,000. UMB Bank n.a. increased its stake in shares of Columbia Banking System by 141.3% in the 1st quarter. UMB Bank n.a. now owns 1,636 shares of the financial services provider's stock valued at $41,000 after buying an additional 958 shares during the period. Financial Harvest LLC acquired a new stake in shares of Columbia Banking System in the 1st quarter valued at $53,000. Finally, Parallel Advisors LLC increased its stake in shares of Columbia Banking System by 41.4% in the 2nd quarter. Parallel Advisors LLC now owns 2,679 shares of the financial services provider's stock valued at $63,000 after buying an additional 785 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Trading Up 1.9%

COLB stock opened at $26.41 on Friday. The business's 50-day moving average price is $25.75 and its two-hundred day moving average price is $24.35. The firm has a market cap of $5.55 billion, a PE ratio of 10.48 and a beta of 0.60. Columbia Banking System, Inc. has a 1-year low of $19.61 and a 1-year high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.10. The firm had revenue of $511.55 million for the quarter, compared to analyst estimates of $492.00 million. Columbia Banking System had a return on equity of 11.31% and a net margin of 17.98%.The company's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. On average, analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a dividend of $0.36 per share. The ex-dividend date was Friday, August 29th. This represents a $1.44 annualized dividend and a yield of 5.5%. Columbia Banking System's payout ratio is currently 57.14%.

Wall Street Analyst Weigh In

COLB has been the subject of several research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Columbia Banking System in a research note on Saturday, September 27th. Piper Sandler lifted their price objective on Columbia Banking System from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Zacks Research cut Columbia Banking System from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 16th. Raymond James Financial raised Columbia Banking System from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the stock from $27.00 to $31.00 in a research note on Monday, September 15th. Finally, Stephens raised Columbia Banking System from an "equal weight" rating to an "overweight" rating and set a $30.00 price objective for the company in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and fourteen have given a Hold rating to the company's stock. According to MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and an average price target of $29.27.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.

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