Bank of New York Mellon Corp Grows Stock Holdings in Columbia Banking System, Inc. $COLB

Bank of New York Mellon Corp grew its holdings in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 5.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,422,137 shares of the financial services provider’s stock after purchasing an additional 403,049 shares during the period. Bank of New York Mellon Corp owned approximately 2.48% of Columbia Banking System worth $207,449,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in COLB. Vanguard Group Inc. lifted its holdings in shares of Columbia Banking System by 41.3% during the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after purchasing an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Columbia Banking System by 135.2% during the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock valued at $354,754,000 after purchasing an additional 7,921,303 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Columbia Banking System by 68.1% during the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock valued at $337,611,000 after purchasing an additional 5,313,883 shares during the last quarter. Norges Bank purchased a new position in shares of Columbia Banking System during the fourth quarter valued at approximately $103,012,000. Finally, State Street Corp lifted its holdings in shares of Columbia Banking System by 32.5% during the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after purchasing an additional 3,290,560 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Stock Up 0.5%

Shares of NASDAQ COLB opened at $29.66 on Friday. Columbia Banking System, Inc. has a twelve month low of $21.91 and a twelve month high of $32.70. The firm has a market cap of $8.59 billion, a P/E ratio of 11.82 and a beta of 0.63. The company has a 50 day moving average of $29.04 and a 200 day moving average of $28.84.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The business had revenue of $675.00 million during the quarter, compared to the consensus estimate of $677.34 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The firm’s revenue was up 37.9% on a year-over-year basis. As a group, equities analysts expect that Columbia Banking System, Inc. will post 3.08 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, June 15th. Shareholders of record on Friday, May 29th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Friday, May 29th. Columbia Banking System’s payout ratio is 58.96%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on COLB shares. Barclays lowered their target price on shares of Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, April 7th. UBS Group started coverage on shares of Columbia Banking System in a report on Tuesday, April 7th. They set a “neutral” rating and a $30.00 target price for the company. JPMorgan Chase & Co. lowered their target price on shares of Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Weiss Ratings upgraded shares of Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Finally, Citigroup boosted their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $32.13.

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.