Clearbridge Investments LLC Cuts Stock Holdings in Columbia Banking System, Inc. $COLB

Clearbridge Investments LLC reduced its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 7.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 349,859 shares of the financial services provider’s stock after selling 28,061 shares during the period. Clearbridge Investments LLC owned approximately 0.12% of Columbia Banking System worth $9,779,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Syon Capital LLC lifted its holdings in shares of Columbia Banking System by 20.1% in the 4th quarter. Syon Capital LLC now owns 24,225 shares of the financial services provider’s stock valued at $677,000 after buying an additional 4,051 shares during the period. Havemeyer Place LP acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at approximately $498,000. WINTON GROUP Ltd acquired a new stake in shares of Columbia Banking System in the 4th quarter valued at approximately $11,842,000. Parallel Advisors LLC lifted its holdings in shares of Columbia Banking System by 18.5% in the 4th quarter. Parallel Advisors LLC now owns 3,794 shares of the financial services provider’s stock valued at $106,000 after buying an additional 592 shares during the period. Finally, TD Asset Management Inc grew its stake in shares of Columbia Banking System by 12.0% during the 4th quarter. TD Asset Management Inc now owns 461,928 shares of the financial services provider’s stock worth $12,911,000 after purchasing an additional 49,454 shares during the period. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Price Performance

COLB stock opened at $30.32 on Thursday. The company’s 50 day simple moving average is $29.22 and its 200-day simple moving average is $28.95. Columbia Banking System, Inc. has a 12 month low of $21.91 and a 12 month high of $32.70. The firm has a market capitalization of $8.78 billion, a PE ratio of 12.08 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The firm had revenue of $675.00 million during the quarter, compared to the consensus estimate of $677.34 million. During the same period in the previous year, the firm posted $0.67 EPS. The company’s quarterly revenue was up 37.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Friday, May 29th. Columbia Banking System’s dividend payout ratio is currently 58.96%.

Insider Activity

In other news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction on 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 directly owned 18,636 shares in the company, valued at $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 5,020 shares of company stock valued at $145,381 in the last quarter. 0.57% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on COLB shares. Citigroup upped their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Wells Fargo & Company boosted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Weiss Ratings raised shares of Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Wall Street Zen downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Barclays dropped their price objective on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $32.13.

About Columbia Banking System

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.