Rafferty Asset Management LLC Boosts Stake in Columbia Banking System, Inc. $COLB

Rafferty Asset Management LLC increased its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 37.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 411,425 shares of the financial services provider’s stock after acquiring an additional 112,445 shares during the period. Rafferty Asset Management LLC owned approximately 0.20% of Columbia Banking System worth $10,590,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in Columbia Banking System by 39.4% during the third quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider’s stock worth $17,094,000 after purchasing an additional 187,551 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Columbia Banking System by 145.3% in the third quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider’s stock valued at $180,671,000 after purchasing an additional 4,157,835 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Columbia Banking System in the second quarter valued at $2,187,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Columbia Banking System by 45.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider’s stock worth $7,179,000 after buying an additional 87,627 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Columbia Banking System by 25.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock worth $192,941,000 after buying an additional 1,497,177 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Stock Performance

COLB stock opened at $28.45 on Monday. The company has a 50 day moving average price of $29.66 and a two-hundred day moving average price of $27.74. The stock has a market capitalization of $8.41 billion, a P/E ratio of 12.59 and a beta of 0.60. Columbia Banking System, Inc. has a one year low of $19.61 and a one year high of $32.70.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 return on equity of 11.40% and a net margin of 17.11%.During the same quarter in the prior year, the company posted $0.71 EPS. Research analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The firm also recently declared 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 5.2%. The ex-dividend date of this dividend is Friday, February 27th. Columbia Banking System’s dividend payout ratio (DPR) is presently 65.49%.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, Director Steven R. Gardner sold 13,725 shares of Columbia Banking System stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a report on Monday, December 29th. Keefe, Bruyette & Woods raised their price objective on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Stephens lifted their price objective on Columbia Banking System from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. increased their target price on Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Finally, TD Cowen reissued a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and an average price target of $32.04.

Columbia Banking System Company 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.