AlphaCore Capital LLC Buys Shares of 18,461 Columbia Banking System, Inc. $COLB

AlphaCore Capital LLC purchased a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 18,461 shares of the financial services provider’s stock, valued at approximately $475,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COLB. Intech Investment Management LLC raised its holdings in Columbia Banking System by 12.0% in the 3rd quarter. Intech Investment Management LLC now owns 16,689 shares of the financial services provider’s stock valued at $430,000 after buying an additional 1,790 shares during the period. US Bancorp DE increased its position in shares of Columbia Banking System by 28.4% during the third quarter. US Bancorp DE now owns 75,333 shares of the financial services provider’s stock valued at $1,939,000 after acquiring an additional 16,680 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Columbia Banking System by 4.3% in the 3rd quarter. TD Asset Management Inc now owns 412,474 shares of the financial services provider’s stock valued at $10,617,000 after acquiring an additional 16,914 shares during the period. Dakota Wealth Management raised its stake in shares of Columbia Banking System by 17.6% in the 3rd quarter. Dakota Wealth Management now owns 26,013 shares of the financial services provider’s stock valued at $670,000 after acquiring an additional 3,891 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Columbia Banking System by 6.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 19,551 shares of the financial services provider’s stock worth $503,000 after acquiring an additional 1,226 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Trading Down 7.0%

Shares of NASDAQ:COLB opened at $28.45 on Friday. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $32.70. The company’s 50 day moving average is $29.66 and its two-hundred day moving average is $27.73. The company has a market cap of $8.51 billion, a PE ratio of 12.59 and a beta of 0.61.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.10. The business 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 period in the previous year, the company earned $0.71 EPS. As a group, equities research analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Friday, February 27th. Columbia Banking System’s payout ratio is 65.49%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. TD Cowen restated a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. DA Davidson boosted their price objective on Columbia Banking System from $30.00 to $32.50 and gave the company a “neutral” rating in a report on Friday, January 23rd. Wall Street Zen upgraded Columbia Banking System to a “hold” rating in a report on Saturday, December 27th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $32.04.

Insider Activity

In other news, Director Steven R. Gardner sold 13,725 shares of the stock in a transaction dated 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 accessible through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Columbia Banking System 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.