State of Michigan Retirement System Acquires 20,700 Shares of Columbia Banking System, Inc. $COLB

State of Michigan Retirement System boosted its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 41.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,241 shares of the financial services provider’s stock after acquiring an additional 20,700 shares during the quarter. State of Michigan Retirement System’s holdings in Columbia Banking System were worth $1,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Bessemer Group Inc. grew its holdings in shares of Columbia Banking System by 441.2% during the third quarter. Bessemer Group Inc. now owns 9,688 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 7,898 shares in the last quarter. Savant Capital LLC raised its stake in Columbia Banking System by 78.9% in the third quarter. Savant Capital LLC now owns 69,234 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 30,537 shares in the last quarter. Unison Advisors LLC bought a new stake in Columbia Banking System during the third quarter valued at approximately $359,000. Envestnet Asset Management Inc. grew its stake in Columbia Banking System by 220.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 633,379 shares of the financial services provider’s stock worth $16,303,000 after buying an additional 435,692 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of Columbia Banking System by 0.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 121,185 shares of the financial services provider’s stock worth $3,119,000 after buying an additional 964 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, January 26th. Piper Sandler raised their price target on Columbia Banking System from $34.50 to $36.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a report on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Columbia Banking System in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, Columbia Banking System presently has a consensus rating of “Hold” and an average price target of $31.88.

Insider Buying and Selling at Columbia Banking System

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 shares were sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.68% of the company’s stock.

Columbia Banking System Trading Down 1.2%

COLB opened at $31.25 on Friday. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.70. The business’s 50-day moving average price is $29.24 and its 200-day moving average price is $27.20. The company has a market cap of $9.35 billion, a P/E ratio of 13.83 and a beta of 0.61.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The company had revenue of $715.00 million during the quarter, compared to analysts’ expectations of $693.23 million. During the same period in the prior year, the business posted $0.71 EPS. Equities research analysts forecast that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

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.