Pacer Advisors Inc. Invests $1.31 Million in Columbia Banking System, Inc. $COLB

Pacer Advisors Inc. acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) in the third quarter, Holdings Channel reports. The firm acquired 50,738 shares of the financial services provider’s stock, valued at approximately $1,306,000.

A number of other institutional investors also recently added to or reduced their stakes in COLB. West Oak Capital LLC purchased a new position in Columbia Banking System in the third quarter valued at about $28,000. Geneos Wealth Management Inc. lifted its position 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 acquiring an additional 794 shares during the last quarter. Bessemer Group Inc. boosted its stake in Columbia Banking System by 53.5% in the second quarter. Bessemer Group Inc. now owns 1,790 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 624 shares in the last quarter. UMB Bank n.a. grew its holdings in Columbia Banking System by 38.1% in the second quarter. UMB Bank n.a. now owns 2,259 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 623 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Columbia Banking System by 51.3% in the second quarter. Nomura Asset Management Co. Ltd. now owns 2,270 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 770 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Wall Street Analysts Forecast Growth

COLB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Citigroup increased their price target on Columbia Banking System from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Cowen initiated coverage on Columbia Banking System in a research note on Wednesday, September 24th. They set a “hold” rating on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a report on Monday. Finally, Piper Sandler set a $33.00 target price on shares of Columbia Banking System in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.58.

Columbia Banking System Stock Down 1.1%

Shares of NASDAQ:COLB opened at $27.95 on Friday. Columbia Banking System, Inc. has a 52-week low of $19.61 and a 52-week high of $29.61. The stock has a market cap of $8.36 billion, a price-to-earnings ratio of 12.59 and a beta of 0.60. The business has a 50-day moving average price of $27.64 and a 200-day moving average price of $26.01.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Monday, March 4th. The financial services provider reported $0.76 earnings per share for the quarter. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The company had revenue of $348.47 million for the quarter. As a group, equities analysts anticipate that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.3%. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, November 28th. Columbia Banking System’s dividend payout ratio is 66.67%.

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.