Wellington Management Group LLP Has $374.55 Million Stock Position in Columbia Banking System, Inc. $COLB

Wellington Management Group LLP lessened its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 21.8% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 11,686,430 shares of the financial services provider’s stock after selling 3,257,845 shares during the period. Wellington Management Group LLP’s holdings in Columbia Banking System were worth $374,550,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in COLB. Beacon Pointe Advisors LLC purchased a new stake in shares of Columbia Banking System in the second quarter worth approximately $401,000. United Capital Financial Advisors LLC bought a new position in Columbia Banking System during the second quarter valued at $359,000. Public Employees Retirement System of Ohio purchased a new stake in Columbia Banking System in the 2nd quarter worth about $2,746,000. Corient Private Wealth LP bought a new stake in shares of Columbia Banking System in the second quarter valued at approximately $1,710,000. Finally, Azora Capital LP purchased a new position in Columbia Banking System in the 2nd quarter valued at approximately $32,963,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Price Performance

NASDAQ COLB opened at $30.07 on Monday. The company’s 50 day simple moving average is $31.71 and its two-hundred day simple moving average is $30.03. Columbia Banking System, Inc. has a 1 year low of $23.83 and a 1 year high of $33.67. The stock has a market capitalization of $8.51 billion, a PE ratio of 11.98, a P/E/G ratio of 2.98 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The firm had revenue of $677.00 million during the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same period in the previous year, the business earned $0.76 EPS. On average, research analysts anticipate that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Friday, August 28th. Columbia Banking System’s dividend payout ratio is currently 58.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Barclays reduced their price target on Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Monday, August 3rd. JPMorgan Chase & Co. boosted their price objective on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Royal Bank Of Canada increased their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. Finally, Stephens raised their target price on Columbia Banking System from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. One research 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 issued a Sell rating to the stock. According to MarketBeat, Columbia Banking System has a consensus rating of “Hold” and an average price target of $33.35.

Insiders Place Their Bets

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.57% of the stock is owned by corporate insiders.

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.