Columbia Banking System, Inc. $COLB Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 14.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 7,536,008 shares of the financial services provider’s stock after purchasing an additional 929,862 shares during the period. JPMorgan Chase & Co. owned 2.52% of Columbia Banking System worth $193,977,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC increased its position in Columbia Banking System by 612.8% during the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock worth $26,000 after buying an additional 864 shares during the period. West Oak Capital LLC purchased a new position in shares of Columbia Banking System during the third quarter worth approximately $28,000. Quent Capital LLC purchased a new position in shares of Columbia Banking System during the third quarter worth approximately $29,000. First Horizon Corp acquired a new position in shares of Columbia Banking System in the 3rd quarter valued at $31,000. Finally, Geneos Wealth Management Inc. increased 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 acquiring an additional 794 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Insider Buying and Selling

In other news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction that occurred on 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 available through this link. Also, VP Torran B. Nixon sold 2,240 shares of Columbia Banking System stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total value of $64,624.00. Following the completion of the sale, the vice president owned 98,229 shares in the company, valued at approximately $2,833,906.65. This trade represents a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,354 shares of company stock worth $561,971 in the last ninety days. 0.68% of the stock is owned by corporate insiders.

Columbia Banking System Stock Performance

Shares of COLB opened at $26.47 on Wednesday. The stock has a market capitalization of $7.82 billion, a P/E ratio of 11.71 and a beta of 0.60. The company’s fifty day moving average is $29.38 and its two-hundred day moving average is $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. Sell-side analysts predict that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were given a $0.37 dividend. The ex-dividend date was Friday, February 27th. This represents a $1.48 dividend on an annualized basis and a yield of 5.6%. Columbia Banking System’s dividend payout ratio (DPR) is presently 65.49%.

Analysts Set New Price Targets

A number of analysts recently weighed in on COLB shares. UBS Group reiterated a “neutral” rating and set a $33.00 price target on shares of Columbia Banking System in a research note on Wednesday, February 4th. TD Cowen restated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. Wall Street Zen upgraded shares of Columbia Banking System from a “hold” rating to a “buy” rating in a research note on Saturday. JPMorgan Chase & Co. raised their price target on Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.