Texas Permanent School Fund Raises Position in Columbia Banking System, Inc. (COLB)
Texas Permanent School Fund raised its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 42,597 shares of the financial services provider’s stock after buying an additional 481 shares during the period. Texas Permanent School Fund’s holdings in Columbia Banking System were worth $1,697,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC purchased a new stake in Columbia Banking System during the fourth quarter worth $248,000. Teachers Advisors LLC increased its stake in Columbia Banking System by 19.1% in the fourth quarter. Teachers Advisors LLC now owns 364,744 shares of the financial services provider’s stock worth $16,297,000 after buying an additional 58,452 shares in the last quarter. Bank of Montreal Can increased its stake in Columbia Banking System by 193.2% in the first quarter. Bank of Montreal Can now owns 52,407 shares of the financial services provider’s stock worth $2,043,000 after buying an additional 34,534 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Columbia Banking System by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 23,700 shares of the financial services provider’s stock worth $924,000 after buying an additional 400 shares in the last quarter. Finally, Nationwide Fund Advisors increased its stake in Columbia Banking System by 2.9% in the first quarter. Nationwide Fund Advisors now owns 88,645 shares of the financial services provider’s stock worth $3,456,000 after buying an additional 2,534 shares in the last quarter. 95.91% of the stock is owned by institutional investors.
Shares of Columbia Banking System, Inc. (NASDAQ COLB) opened at 38.22 on Tuesday. The stock’s 50 day moving average price is $39.31 and its 200-day moving average price is $39.22. Columbia Banking System, Inc. has a 12-month low of $30.90 and a 12-month high of $45.68. The firm has a market cap of $2.23 billion, a P/E ratio of 19.39 and a beta of 1.22.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by $0.01. Columbia Banking System had a net margin of 25.82% and a return on equity of 8.99%. The firm had revenue of $110.30 million for the quarter, compared to analysts’ expectations of $112.27 million. During the same period in the prior year, the company earned $0.44 EPS. On average, analysts predict that Columbia Banking System, Inc. will post $2.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, August 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.30%. Columbia Banking System’s dividend payout ratio is presently 44.67%.
COLB has been the subject of a number of research reports. Piper Jaffray Companies dropped their target price on Columbia Banking System from $43.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 17th. Zacks Investment Research downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Royal Bank Of Canada reissued a “hold” rating and set a $44.00 target price on shares of Columbia Banking System in a report on Tuesday, May 9th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 target price on shares of Columbia Banking System in a report on Friday, June 16th. Finally, BidaskClub downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $44.40.
In other news, CFO Clint Stein sold 8,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $40.09, for a total transaction of $320,720.00. Following the transaction, the chief financial officer now owns 22,877 shares of the company’s stock, valued at approximately $917,138.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.23% of the stock is owned by corporate insiders.
About Columbia Banking System
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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