Azora Capital LP Acquires New Stake in Columbia Banking System, Inc. $COLB

Azora Capital LP acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) during the 4th quarter, Holdings Channel reports. The fund acquired 121,708 shares of the financial services provider’s stock, valued at approximately $3,402,000.

Several other institutional investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake in Columbia Banking System by 35.4% in the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after buying an additional 14,824 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Columbia Banking System by 23.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock valued at $2,063,000 after buying an additional 15,845 shares during the last quarter. Millennium Management LLC increased its stake in Columbia Banking System by 572.7% in the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock valued at $12,089,000 after buying an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Columbia Banking System by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock valued at $12,290,000 after buying an additional 108,994 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Columbia Banking System by 1.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock valued at $22,128,000 after buying an additional 16,165 shares during the last quarter. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Stock Performance

Shares of COLB stock opened at $30.05 on Thursday. The firm’s 50-day moving average is $29.52 and its 200-day moving average is $29.05. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of 11.97 and a beta of 0.63. Columbia Banking System, Inc. has a 52-week low of $21.91 and a 52-week high of $32.70.

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 analysts’ consensus estimates of $0.68 by $0.04. The company had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $677.34 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. Columbia Banking System’s quarterly revenue was up 37.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. Sell-side analysts predict that Columbia Banking System, Inc. will post 3.08 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s dividend payout ratio is presently 58.96%.

Wall Street Analysts Forecast Growth

COLB has been the topic of several recent research reports. UBS Group initiated coverage on shares of Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on shares of Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Citigroup lifted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. Wells Fargo & Company lifted their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, March 30th. Finally, Wall Street Zen lowered shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. One investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $32.13.

Insider Activity

In other news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.57% of the company’s stock.

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.