First Eagle Investment Management LLC Acquires Shares of 40,000 Columbia Banking System, Inc. $COLB

First Eagle Investment Management LLC acquired a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the third quarter, Holdings Channel.com reports. The firm acquired 40,000 shares of the financial services provider’s stock, valued at approximately $1,030,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after purchasing an additional 8,730,937 shares during the last quarter. State Street Corp lifted its holdings in shares of Columbia Banking System by 0.6% in the 2nd quarter. State Street Corp now owns 10,117,111 shares of the financial services provider’s stock valued at $236,538,000 after buying an additional 64,096 shares during the period. American Century Companies Inc. boosted its stake in shares of Columbia Banking System by 11.9% in the third quarter. American Century Companies Inc. now owns 10,016,178 shares of the financial services provider’s stock worth $257,816,000 after buying an additional 1,067,491 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Columbia Banking System by 2.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,816,989 shares of the financial services provider’s stock worth $182,761,000 after acquiring an additional 149,718 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Columbia Banking System by 14.1% during the third quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock valued at $193,977,000 after acquiring an additional 929,862 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Stock Down 2.0%

COLB stock opened at $28.00 on Friday. Columbia Banking System, Inc. has a 52 week low of $19.61 and a 52 week high of $32.70. The firm has a 50-day simple moving average of $29.66 and a 200-day simple moving average of $27.79. The stock has a market capitalization of $8.28 billion, a P/E ratio of 12.39 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. During the same period last year, the company posted $0.71 EPS. On average, analysts expect 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 declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Friday, February 27th. Columbia Banking System’s payout ratio is presently 65.49%.

Insider Buying and Selling at Columbia Banking System

In other Columbia Banking System news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the sale, the vice president directly owned 100,469 shares in the company, valued at approximately $2,838,249.25. This trade represents a 2.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 18,206 shares of company stock valued at $531,859. 0.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

COLB has been the topic of several recent research reports. JPMorgan Chase & Co. upped 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. Royal Bank Of Canada increased their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Piper Sandler lifted their price objective on shares of Columbia Banking System from $34.50 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Wall Street Zen raised shares of Columbia Banking System to a “hold” rating in a research note on Saturday, December 27th. Finally, TD Cowen restated 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, four have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Columbia Banking System has an average rating of “Hold” and an average target price of $32.04.

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.