Key Points
- EVP Aaron James Deer bought 886 shares of Columbia Banking System at an average price of $25.37, lifting his direct holdings to 42,761 shares. The purchase was disclosed in an SEC filing and was worth about $22,478.
- The company recently reported better-than-expected quarterly earnings of $0.72 per share, topping estimates of $0.68, while revenue rose 37.9% year over year to $675 million. Analysts now expect Columbia Banking System to earn about $3.08 per share for the full year.
- Columbia Banking System also paid a quarterly dividend of $0.37 per share, equal to an annualized yield of 4.7%. Analysts currently have an average rating of Hold with a consensus price target of $32.65.
Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) EVP Aaron James Deer bought 886 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $25.37 per share, with a total value of $22,477.82. Following the transaction, the executive vice president directly owned 42,761 shares in the company, valued at $1,084,846.57. The trade was a 2.12% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Columbia Banking System Price Performance
Shares of COLB opened at $31.72 on Friday. Columbia Banking System, Inc. has a 1 year low of $22.77 and a 1 year high of $32.77. The stock has a 50 day simple moving average of $30.07 and a two-hundred day simple moving average of $29.29. The firm has a market cap of $9.18 billion, a P/E ratio of 12.64 and a beta of 0.62.
Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $677.34 million. During the same period last year, the firm posted $0.67 earnings per share. Columbia Banking System's revenue was up 37.9% compared to the same quarter last year. On average, equities analysts anticipate that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.
Columbia Banking System Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, May 29th. This represents a $1.48 annualized dividend and a yield of 4.7%. Columbia Banking System's dividend payout ratio is currently 58.96%.
Analysts Set New Price Targets
A number of analysts have recently commented on the stock. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research note on Wednesday. Weiss Ratings restated a "buy (b-)" rating on shares of Columbia Banking System in a research report on Monday. UBS Group initiated coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $32.65.
Read Our Latest Research Report on Columbia Banking System
Institutional Trading of Columbia Banking System
Several hedge funds and other institutional investors have recently added to or reduced their stakes in COLB. AQR Capital Management LLC raised its position in shares of Columbia Banking System by 35.4% in the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock worth $1,402,000 after acquiring an additional 14,824 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Columbia Banking System by 23.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock valued at $2,063,000 after purchasing an additional 15,845 shares in the last quarter. Millennium Management LLC increased its position in shares of Columbia Banking System by 572.7% in the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider's stock valued at $12,089,000 after buying an additional 412,674 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider's stock valued at $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Columbia Banking System by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider's stock worth $22,128,000 after buying an additional 16,165 shares during the period. Institutional investors and hedge funds own 92.53% of the company's stock.
About Columbia Banking System
(
Get Free Report)
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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