Gabelli Funds LLC Increases Stock Holdings in Columbia Banking System, Inc. $COLB

Gabelli Funds LLC grew its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 7.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 287,406 shares of the financial services provider’s stock after purchasing an additional 20,409 shares during the period. Gabelli Funds LLC’s holdings in Columbia Banking System were worth $7,884,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BW Gestao de Investimentos Ltda. acquired a new position in Columbia Banking System in the 4th quarter valued at $9,782,000. Easterly Investment Partners LLC lifted its stake in shares of Columbia Banking System by 10.6% in the 4th quarter. Easterly Investment Partners LLC now owns 713,206 shares of the financial services provider’s stock worth $19,934,000 after acquiring an additional 68,388 shares during the period. TD Asset Management Inc lifted its stake in shares of Columbia Banking System by 12.0% in the 4th quarter. TD Asset Management Inc now owns 461,928 shares of the financial services provider’s stock worth $12,911,000 after acquiring an additional 49,454 shares during the period. Oak Thistle LLC purchased a new stake in shares of Columbia Banking System in the fourth quarter valued at about $2,192,000. Finally, Pzena Investment Management LLC boosted its holdings in shares of Columbia Banking System by 12.7% in the first quarter. Pzena Investment Management LLC now owns 2,033,219 shares of the financial services provider’s stock valued at $55,771,000 after acquiring an additional 228,825 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on COLB shares. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Stephens boosted their target price on Columbia Banking System from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday. Royal Bank Of Canada increased their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, UBS Group initiated coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $33.27.

Insiders Place Their Bets

In other news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the transaction, the chief marketing officer owned 18,636 shares in the company, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

Columbia Banking System Trading Down 0.8%

Shares of Columbia Banking System stock opened at $30.90 on Tuesday. The company has a 50-day moving average of $31.03 and a two-hundred day moving average of $29.72. Columbia Banking System, Inc. has a 12-month low of $22.77 and a 12-month high of $33.67. The stock has a market cap of $8.95 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 2.12 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The business had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $687.40 million. During the same quarter in the prior year, the firm posted $0.76 EPS. On average, sell-side analysts forecast that Columbia Banking System, Inc. will post 3.05 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Friday, May 29th. Columbia Banking System’s payout ratio is presently 58.96%.

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.