Columbia Banking System, Inc. (NASDAQ:COLB) Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System boosted its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 1.0% in the first quarter, Holdings Channel.com reports. The firm owned 50,141 shares of the financial services provider’s stock after acquiring an additional 500 shares during the period. State of Michigan Retirement System’s holdings in Columbia Banking System were worth $1,251,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. grew its holdings in Columbia Banking System by 0.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 12,625,834 shares of the financial services provider’s stock valued at $341,024,000 after purchasing an additional 33,477 shares in the last quarter. American Century Companies Inc. grew its holdings in Columbia Banking System by 0.8% during the 4th quarter. American Century Companies Inc. now owns 7,602,571 shares of the financial services provider’s stock valued at $205,345,000 after purchasing an additional 61,242 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Columbia Banking System by 10.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,514,816 shares of the financial services provider’s stock valued at $148,956,000 after purchasing an additional 512,542 shares in the last quarter. Invesco Ltd. grew its holdings in Columbia Banking System by 9.3% during the 4th quarter. Invesco Ltd. now owns 2,456,964 shares of the financial services provider’s stock worth $66,363,000 after acquiring an additional 209,774 shares in the last quarter. Finally, Norges Bank acquired a new position in Columbia Banking System during the 4th quarter worth $65,249,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COLB has been the subject of several recent analyst reports. Wall Street Zen initiated coverage on shares of Columbia Banking System in a report on Thursday, May 22nd. They set a “hold” rating for the company. Barclays decreased their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set an “equal weight” rating for the company in a report on Tuesday, July 8th. Wells Fargo & Company lowered shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Thursday, July 10th. Royal Bank Of Canada decreased their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating for the company in a report on Thursday, April 24th. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and a consensus price target of $28.79.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $23.83 on Wednesday. The firm’s 50-day moving average is $23.93 and its 200-day moving average is $24.90. Columbia Banking System, Inc. has a 1 year low of $19.61 and a 1 year high of $32.85. The company has a market cap of $5.01 billion, a P/E ratio of 10.10 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $481.92 million for the quarter, compared to the consensus estimate of $482.86 million. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $0.65 EPS. As a group, sell-side analysts predict that Columbia Banking System, Inc. will post 2.71 earnings per share for the current year.

Columbia Banking System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.44 annualized dividend and a yield of 6.04%. Columbia Banking System’s dividend payout ratio is presently 61.02%.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.