JPMorgan Chase & Co. Acquires 929,862 Shares of Columbia Banking System, Inc. $COLB

JPMorgan Chase & Co. raised its holdings in Columbia Banking System, Inc. (NASDAQ:COLB) by 14.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,536,008 shares of the financial services provider’s stock after acquiring an additional 929,862 shares during the quarter. JPMorgan Chase & Co. owned about 3.58% of Columbia Banking System worth $193,977,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of COLB. True Wealth Design LLC raised its holdings in shares of Columbia Banking System by 612.8% during the 3rd quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 864 shares in the last quarter. West Oak Capital LLC bought a new stake in Columbia Banking System in the third quarter worth $28,000. Quent Capital LLC acquired a new position in Columbia Banking System during the third quarter worth $29,000. First Horizon Corp acquired a new position in Columbia Banking System during the third quarter worth $31,000. Finally, Geneos Wealth Management Inc. raised 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 buying an additional 794 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Insider Activity

In other news, Director Steven R. Gardner sold 13,725 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.68% of the company’s stock.

Columbia Banking System Stock Up 1.8%

Shares of COLB stock opened at $31.76 on Friday. Columbia Banking System, Inc. has a 12 month low of $19.61 and a 12 month high of $32.70. The firm has a market cap of $9.50 billion, a PE ratio of 14.05 and a beta of 0.61. The stock has a 50 day moving average of $29.57 and a 200-day moving average of $27.51.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The business had revenue of $715.00 million for the quarter, compared to the consensus estimate of $693.23 million. During the same quarter last year, the company posted $0.71 earnings per share. As a group, equities analysts predict that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, February 27th. This represents a $1.48 annualized dividend and a dividend yield of 4.7%. Columbia Banking System’s payout ratio is presently 65.49%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on COLB. Wall Street Zen upgraded Columbia Banking System to a “hold” rating in a research note on Saturday, December 27th. DA Davidson boosted their target price on Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a report on Friday, January 23rd. UBS Group reaffirmed a “neutral” rating and set a $33.00 target price on shares of Columbia Banking System in a research report on Wednesday, February 4th. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Finally, TD Cowen reissued a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $31.88.

Columbia Banking System 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.