Palisade Capital Management LP Purchases Shares of 457,050 Columbia Banking System, Inc. $COLB

Palisade Capital Management LP purchased a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 457,050 shares of the financial services provider’s stock, valued at approximately $14,648,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Columbia Banking System during the 2nd quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. bought a new position in Columbia Banking System during the 2nd quarter valued at approximately $31,000. Cedar Mountain Advisors LLC lifted its holdings in Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after buying an additional 949 shares during the period. Geneos Wealth Management Inc. lifted its holdings in 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 worth $30,000 after buying an additional 794 shares during the period. Finally, Horizon Investments LLC lifted its holdings in Columbia Banking System by 168.8% in the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after buying an additional 773 shares during the period. 92.53% of the stock is owned by institutional investors.

Insider Activity at Columbia Banking System

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

Columbia Banking System Stock Down 0.4%

COLB opened at $30.53 on Wednesday. The stock has a market cap of $8.64 billion, a PE ratio of 12.16, a PEG ratio of 3.04 and a beta of 0.63. The business has a 50 day moving average of $31.70 and a 200-day moving average of $30.06. Columbia Banking System, Inc. has a 52 week low of $23.83 and a 52 week high of $33.67.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. The company had revenue of $677.00 million for the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period in the prior year, the firm earned $0.76 earnings per share. Equities analysts anticipate that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Friday, August 28th. Columbia Banking System’s payout ratio is 58.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on COLB shares. Fundamental Research set a $35.00 target price on Columbia Banking System in a research note on Wednesday, July 1st. Royal Bank Of Canada raised their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Wells Fargo & Company boosted their price objective on shares of Columbia Banking System from $32.00 to $34.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Finally, Barclays decreased their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $33.35.

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.