Maltese Capital Management LLC Grows Stock Position in Columbia Banking System, Inc. $COLB

Maltese Capital Management LLC lifted its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 205.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 305,500 shares of the financial services provider’s stock after buying an additional 205,500 shares during the quarter. Columbia Banking System comprises about 1.2% of Maltese Capital Management LLC’s holdings, making the stock its 28th biggest holding. Maltese Capital Management LLC owned 0.10% of Columbia Banking System worth $7,864,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. True Wealth Design LLC boosted its stake in Columbia Banking System by 612.8% in the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 864 shares in the last quarter. West Oak Capital LLC acquired a new stake in shares of Columbia Banking System during the third quarter worth about $28,000. Quent Capital LLC acquired a new stake in shares of Columbia Banking System during the third quarter worth about $29,000. Geneos Wealth Management Inc. lifted its holdings in shares of Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares during the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Columbia Banking System in the 3rd quarter valued at about $31,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $26.35 on Tuesday. The company has a market cap of $7.79 billion, a PE ratio of 11.66 and a beta of 0.60. The stock has a fifty day moving average price of $29.43 and a 200 day moving average price of $27.82. 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 earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.72 by $0.10. The company had revenue of $715.00 million during the quarter, compared to analysts’ expectations 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 quarter last year, the business earned $0.71 EPS. Analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were given a dividend of $0.37 per share. The ex-dividend date was Friday, February 27th. This represents a $1.48 annualized dividend and a yield of 5.6%. Columbia Banking System’s payout ratio is presently 65.49%.

Insider Activity at Columbia Banking System

In other news, VP Torran B. Nixon sold 2,241 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was 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 directly owned 100,469 shares of the company’s stock, valued at approximately $2,838,249.25. This represents a 2.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,206 shares of company stock worth $531,859 in the last quarter. 0.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on COLB shares. Piper Sandler lifted their price target on Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. raised their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Weiss Ratings raised shares of Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Royal Bank Of Canada increased their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Finally, TD Cowen restated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $32.04.

About Columbia Banking System

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.