Channing Capital Management LLC Takes Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Channing Capital Management LLC bought a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 148,253 shares of the financial services provider's stock, valued at approximately $3,955,000. Channing Capital Management LLC owned about 0.07% of Columbia Banking System at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Columbia Banking System by 1,506.8% during the third quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 1,326 shares during the last quarter. First Pacific Financial acquired a new position in shares of Columbia Banking System during the fourth quarter valued at approximately $40,000. Headlands Technologies LLC acquired a new position in shares of Columbia Banking System during the fourth quarter valued at approximately $42,000. GAMMA Investing LLC acquired a new stake in shares of Columbia Banking System in the fourth quarter valued at approximately $48,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Columbia Banking System in the third quarter valued at approximately $78,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Columbia Banking System Stock Performance

Shares of COLB traded up $0.20 during midday trading on Monday, hitting $20.37. 2,064,694 shares of the stock were exchanged, compared to its average volume of 2,871,569. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $28.11. The firm has a market cap of $4.26 billion, a P/E ratio of 8.74 and a beta of 0.69. The stock has a fifty day simple moving average of $18.62 and a 200 day simple moving average of $21.14.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.12. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The company had revenue of $473.72 million for the quarter, compared to analysts' expectations of $480.39 million. During the same period last year, the firm earned $0.46 earnings per share. Columbia Banking System's quarterly revenue was up 10.3% on a year-over-year basis. As a group, equities research analysts forecast that Columbia Banking System, Inc. will post 2.37 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.07%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System's dividend payout ratio (DPR) is currently 61.80%.

Analyst Ratings Changes

Several equities research analysts recently commented on COLB shares. Truist Financial cut their price target on Columbia Banking System from $22.00 to $20.00 and set a "hold" rating for the company in a report on Monday, April 1st. Keefe, Bruyette & Woods cut their price target on Columbia Banking System from $25.00 to $23.00 and set a "market perform" rating for the company in a report on Friday, April 5th. Barclays increased their price target on Columbia Banking System from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Friday, April 26th. StockNews.com cut Columbia Banking System from a "hold" rating to a "sell" rating in a report on Tuesday, March 12th. Finally, JPMorgan Chase & Co. lowered their price objective on Columbia Banking System from $23.00 to $22.00 and set a "neutral" rating for the company in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $22.19.

Insider Transactions at Columbia Banking System

In other news, Director Elizabeth Whitehead Seaton bought 2,685 shares of the business's stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the transaction, the director now owns 25,001 shares of the company's stock, valued at $462,018.48. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.59% of the company's stock.

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.