Carnegie Investment Counsel Invests $433,000 in Columbia Banking System, Inc. $COLB

Carnegie Investment Counsel acquired a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 15,800 shares of the financial services provider’s stock, valued at approximately $433,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. grew its holdings in Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares during the period. Cedar Mountain Advisors LLC raised its stake in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after buying an additional 949 shares during the period. Horizon Investments LLC lifted its position in shares of Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after buying an additional 773 shares in the last quarter. Rossby Financial LCC purchased a new position in shares of Columbia Banking System during the 4th quarter valued at about $36,000. Finally, Hilton Head Capital Partners LLC purchased a new position in shares of Columbia Banking System during the 4th quarter valued at about $43,000. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Stock Up 0.8%

NASDAQ COLB opened at $32.25 on Wednesday. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 12.85 and a beta of 0.62. The business has a 50-day moving average price of $30.47 and a 200-day moving average price of $29.47. Columbia Banking System, Inc. has a twelve month low of $22.77 and a twelve month high of $32.77.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating 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 company had revenue of $675.00 million for the quarter, compared to the consensus estimate of $677.34 million. During the same quarter last year, the company earned $0.67 EPS. The firm’s quarterly revenue was up 37.9% on a year-over-year basis. Research analysts expect that Columbia Banking System, Inc. will post 3.05 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s dividend payout ratio (DPR) is 58.96%.

Insider Transactions at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares in the company, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on COLB. JPMorgan Chase & Co. increased their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Wells Fargo & Company lifted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. 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 price target on the stock. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research report on Wednesday, July 1st. Finally, Barclays reduced their price objective on shares of 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 research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $32.81.

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.