Palisade Capital Management LP Takes Position in Columbia Banking System, Inc. $COLB

Palisade Capital Management LP acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 457,050 shares of the financial services provider’s stock, valued at approximately $14,648,000. Palisade Capital Management LP owned approximately 0.16% of Columbia Banking System at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in Columbia Banking System during the second quarter valued at approximately $880,443,000. Wellington Management Group LLP increased its holdings in shares of Columbia Banking System by 31.4% in the 4th quarter. Wellington Management Group LLP now owns 18,106,228 shares of the financial services provider’s stock worth $506,069,000 after buying an additional 4,324,006 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Columbia Banking System by 3.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider’s stock valued at $371,656,000 after buying an additional 408,087 shares in the last quarter. State Street Corp raised its position in shares of Columbia Banking System by 32.5% during the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after buying an additional 3,290,560 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Columbia Banking System by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider’s stock worth $351,179,000 after acquiring an additional 163,543 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Performance

Shares of COLB opened at $30.53 on Wednesday. Columbia Banking System, Inc. has a fifty-two week low of $23.83 and a fifty-two week high of $33.67. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 3.04 and a beta of 0.63. The firm has a 50 day moving average price of $31.70 and a 200-day moving average price of $30.06.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The company had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter last year, the firm earned $0.76 EPS. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 3.03 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a $0.37 dividend. The ex-dividend date is Friday, August 28th. This represents a $1.48 annualized dividend and a dividend yield of 4.8%. Columbia Banking System’s payout ratio is currently 58.96%.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. raised their price target on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Fundamental Research set a $35.00 price objective on Columbia Banking System in a report on Wednesday, July 1st. Finally, Barclays reduced their price objective on Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $33.35.

About Columbia Banking System

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.