GW&K Investment Management LLC Makes New $24.89 Million Investment in Columbia Banking System, Inc. $COLB

GW&K Investment Management LLC purchased a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 967,025 shares of the financial services provider’s stock, valued at approximately $24,891,000. GW&K Investment Management LLC owned about 0.46% of Columbia Banking System at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COLB. Wedbush Securities Inc. increased its holdings in Columbia Banking System by 4.5% in the 3rd quarter. Wedbush Securities Inc. now owns 9,915 shares of the financial services provider’s stock worth $255,000 after purchasing an additional 423 shares in the last quarter. Peregrine Asset Advisers Inc. increased its holdings in Columbia Banking System by 4.9% in the third quarter. Peregrine Asset Advisers Inc. now owns 9,774 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 457 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Columbia Banking System by 4.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,758 shares of the financial services provider’s stock valued at $275,000 after buying an additional 534 shares during the last quarter. Mengis Capital Management Inc. increased its stake in shares of Columbia Banking System by 1.1% in the third quarter. Mengis Capital Management Inc. now owns 51,061 shares of the financial services provider’s stock valued at $1,314,000 after buying an additional 550 shares during the period. Finally, Bessemer Group Inc. lifted its stake in shares of Columbia Banking System by 53.5% in the second quarter. Bessemer Group Inc. now owns 1,790 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 624 shares during the period. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Trading Down 2.0%

Shares of NASDAQ:COLB opened at $28.00 on Friday. The stock has a market cap of $8.28 billion, a PE ratio of 12.39 and a beta of 0.60. The stock’s fifty day simple moving average is $29.66 and its two-hundred day simple moving average is $27.79. Columbia Banking System, Inc. has a 1-year low of $19.61 and a 1-year high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The company had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. During the same period last year, the firm earned $0.71 earnings per share. On average, sell-side analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Friday, February 27th. Columbia Banking System’s dividend payout ratio is 65.49%.

Insiders Place Their Bets

In related news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Torran B. Nixon sold 2,241 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the transaction, the vice president owned 100,469 shares in the company, valued at approximately $2,838,249.25. The trade was a 2.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 18,206 shares of company stock valued at $531,859 in the last 90 days. Corporate insiders own 0.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group reissued a “neutral” rating and set a $33.00 target price on shares of Columbia Banking System in a research report on Wednesday, February 4th. Barclays boosted their target price on shares of Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, December 19th. Wall Street Zen upgraded shares of Columbia Banking System to a “hold” rating in a report on Saturday, December 27th. Citigroup boosted their price objective on Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. Finally, Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $32.04.

Columbia Banking System Profile

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.