Mork Capital Management LLC Buys New Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Mork Capital Management LLC acquired a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 36,800 shares of the financial services provider's stock, valued at approximately $994,000.

Several other institutional investors also recently modified their holdings of the business. Arizona State Retirement System boosted its position in shares of Columbia Banking System by 0.8% during the fourth quarter. Arizona State Retirement System now owns 60,758 shares of the financial services provider's stock valued at $1,641,000 after buying an additional 469 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Columbia Banking System by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,256 shares of the financial services provider's stock worth $1,025,000 after purchasing an additional 544 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in Columbia Banking System by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 91,679 shares of the financial services provider's stock worth $2,476,000 after purchasing an additional 580 shares during the last quarter. Pacer Advisors Inc. boosted its position in Columbia Banking System by 2.0% in the fourth quarter. Pacer Advisors Inc. now owns 31,238 shares of the financial services provider's stock worth $844,000 after purchasing an additional 612 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Columbia Banking System by 1.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 49,684 shares of the financial services provider's stock worth $1,342,000 after purchasing an additional 621 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Trading Down 0.4%

Shares of COLB traded down $0.11 during midday trading on Friday, reaching $25.02. 1,729,492 shares of the stock were exchanged, compared to its average volume of 1,777,820. Columbia Banking System, Inc. has a 52 week low of $18.11 and a 52 week high of $32.85. The company's 50 day moving average is $23.43 and its two-hundred day moving average is $26.67. The company has a market capitalization of $5.26 billion, a P/E ratio of 9.85 and a beta of 0.59.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. The business had revenue of $481.92 million for the quarter, compared to the consensus estimate of $482.86 million. During the same quarter in the prior year, the company earned $0.65 EPS. The business's revenue was up 3.7% compared to the same quarter last year. On average, sell-side analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.76%. Columbia Banking System's payout ratio is 61.02%.

Analyst Upgrades and Downgrades

COLB has been the topic of several recent analyst reports. DA Davidson set a $25.00 target price on Columbia Banking System and gave the company a "neutral" rating in a research note on Thursday, April 24th. Barclays lifted their target price on Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Piper Sandler decreased their target price on Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Stephens reduced their price objective on Columbia Banking System from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 28th. Finally, Royal Bank of Canada reduced their price objective on Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $29.85.

Insider Transactions at Columbia Banking System

In related news, VP Torran B. Nixon sold 4,481 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total transaction of $116,461.19. Following the completion of the sale, the vice president now directly owns 104,869 shares in the company, valued at $2,725,545.31. This represents a 4.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.68% of the company's stock.

Columbia Banking System 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.