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

State of Michigan Retirement System lifted its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 41.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,241 shares of the financial services provider’s stock after purchasing an additional 20,700 shares during the period. State of Michigan Retirement System’s holdings in Columbia Banking System were worth $1,834,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in shares of Columbia Banking System by 39.4% during the third quarter. Principal Financial Group Inc. now owns 664,110 shares of the financial services provider’s stock valued at $17,094,000 after acquiring an additional 187,551 shares in the last quarter. Bank of New York Mellon Corp increased its position in Columbia Banking System by 145.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,019,088 shares of the financial services provider’s stock valued at $180,671,000 after purchasing an additional 4,157,835 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Columbia Banking System by 45.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,899 shares of the financial services provider’s stock worth $7,179,000 after purchasing an additional 87,627 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in Columbia Banking System in the 2nd quarter worth $2,187,000. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Columbia Banking System by 25.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,495,780 shares of the financial services provider’s stock worth $192,941,000 after purchasing an additional 1,497,177 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on COLB shares. Wall Street Zen upgraded shares of Columbia Banking System to a “hold” rating in a research report on Saturday, December 27th. TD Cowen reaffirmed a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. DA Davidson upped their target price on Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Stephens raised their target price on Columbia Banking System from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Finally, UBS Group restated a “neutral” rating and set a $33.00 price target on shares of Columbia Banking System in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $31.88.

Insider Buying and Selling

In other Columbia Banking System news, Director Steven R. Gardner sold 13,725 shares of the business’s stock in a transaction 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 filing with the SEC, which is available through the SEC website. Company insiders own 0.68% of the company’s stock.

Columbia Banking System Stock Performance

Shares of NASDAQ COLB opened at $31.25 on Friday. The company has a 50 day simple moving average of $29.24 and a two-hundred day simple moving average of $27.20. Columbia Banking System, Inc. has a fifty-two week low of $19.61 and a fifty-two week high of $32.70. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of 13.83 and a beta of 0.61.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. The firm had revenue of $715.00 million for the quarter, compared to analysts’ expectations of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same period in the previous year, the firm posted $0.71 EPS. On average, 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.