Insider Selling: Columbia Banking System (NASDAQ:COLB) Director Sells 10,522 Shares of Stock

Key Points

• Director Steven Gardner sold 10,522 shares of Columbia Banking System at an average price of $31.23, generating $328,602.06 and reducing his ownership by 80.33% to 2,577 shares.
• Shares fell 1.0% to $30.70, while the company’s latest quarterly results exceeded expectations: EPS was $0.82 versus a $0.77 consensus, and revenue rose 19.4% year over year to $702 million.
• Columbia Banking System pays a quarterly dividend of $0.37, equivalent to a $1.48 annualized payout and a 4.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $33.46.

Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) Director Steven Gardner sold 10,522 shares of Columbia Banking System stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $31.23, for a total value of $328,602.06. Following the transaction, the director owned 2,577 shares of the company's stock, valued at $80,479.71. This represents a 80.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Columbia Banking System Stock Down 1.0%

NASDAQ:COLB traded down $0.31 during trading hours on Friday, hitting $30.70. 2,784,333 shares of the company traded hands, compared to its average volume of 2,891,178. The company has a market cap of $8.69 billion, a PE ratio of 10.62, a PEG ratio of 0.87 and a beta of 0.66. The firm's 50-day simple moving average is $29.63 and its 200-day simple moving average is $29.86. Columbia Banking System, Inc. has a one year low of $25.12 and a one year high of $33.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. Columbia Banking System had a return on equity of 11.93% and a net margin of 22.83%. The firm had revenue of $702.00 million for the quarter, compared to analysts' expectations of $687.74 million. During the same period last year, the firm earned $0.85 earnings per share. The company's revenue for the quarter was up 19.4% compared to the same quarter last year. As a group, equities research analysts expect that Columbia Banking System, Inc. will post 3.07 EPS for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were given a $0.37 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $1.48 annualized dividend and a yield of 4.8%. Columbia Banking System's dividend payout ratio (DPR) is 51.21%.

Institutional Trading of Columbia Banking System

Several hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Columbia Banking System during the second quarter valued at approximately $29,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Columbia Banking System during the second quarter valued at approximately $31,000. Cedar Mountain Advisors LLC increased its position in Columbia Banking System by 571.7% during 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. Root Financial Partners LLC purchased a new stake in shares of Columbia Banking System during the third quarter worth about $34,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Columbia Banking System by 213.7% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,352 shares of the financial services provider's stock valued at $39,000 after buying an additional 921 shares during the period. Institutional investors own 92.53% of the company's stock.

Wall Street Analyst Weigh In

COLB has been the subject of several recent analyst reports. Wells Fargo & Company cut their price objective on Columbia Banking System from $34.00 to $32.00 and set an "equal weight" rating for the company in a report on Wednesday, September 30th. Keefe, Bruyette & Woods lifted their price target on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Citigroup dropped their target price on shares of Columbia Banking System from $32.00 to $31.00 and set a "neutral" rating on the stock in a report on Tuesday, September 22nd. Weiss Ratings upgraded Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Columbia Banking System from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Thursday, October 1st. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $33.46.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.

Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.

Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.

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.