Pzena Investment Management LLC Invests $68.25 Million in Columbia Banking System, Inc. $COLB

Pzena Investment Management LLC purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,129,322 shares of the financial services provider’s stock, valued at approximately $68,245,000.

A number of other institutional investors and hedge funds have also modified their holdings of COLB. Auxano Advisors LLC acquired a new position in Columbia Banking System in the second quarter valued at approximately $248,000. BlackRock Inc. acquired a new stake in Columbia Banking System during the 2nd quarter worth $880,443,000. Deutsche Bank AG acquired a new stake in Columbia Banking System during the 2nd quarter worth $1,042,000. Principle Wealth Partners LLC bought a new stake in shares of Columbia Banking System during the 2nd quarter valued at $235,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Columbia Banking System during the 2nd quarter valued at $29,000. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Performance

Shares of COLB opened at $32.34 on Tuesday. The firm has a market cap of $9.15 billion, a P/E ratio of 12.88, a PEG ratio of 3.24 and a beta of 0.63. Columbia Banking System, Inc. has a twelve month low of $23.83 and a twelve month high of $33.67. The firm’s 50 day moving average price is $31.67 and its two-hundred day moving average price is $30.00.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. On average, sell-side analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. Columbia Banking System’s dividend payout ratio is presently 58.96%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Fundamental Research set a $35.00 price objective on Columbia Banking System in a research note on Wednesday, July 1st. Zacks Research downgraded Columbia Banking System from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Wall Street Zen lowered Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Royal Bank Of Canada raised their target price 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $33.35.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System 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 document filed with the SEC, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

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.