Pinebridge Investments L.P. Has $1.94 Million Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Pinebridge Investments L.P. lessened its position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 15.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,634 shares of the financial services provider's stock after selling 13,040 shares during the quarter. Pinebridge Investments L.P.'s holdings in Columbia Banking System were worth $1,935,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new position in Columbia Banking System during the 4th quarter valued at about $29,000. SBI Securities Co. Ltd. acquired a new position in Columbia Banking System in the fourth quarter valued at approximately $32,000. Meeder Asset Management Inc. bought a new position in Columbia Banking System in the fourth quarter valued at approximately $42,000. Smartleaf Asset Management LLC grew its holdings in Columbia Banking System by 62.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,038 shares of the financial services provider's stock worth $55,000 after acquiring an additional 780 shares during the period. Finally, Principal Securities Inc. raised its position in shares of Columbia Banking System by 171.3% during the 4th quarter. Principal Securities Inc. now owns 2,127 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 1,343 shares during the last quarter. Institutional investors own 92.53% of the company's stock.

Insider Activity

In related news, VP Torran B. Nixon sold 4,481 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total transaction of $116,461.19. Following the sale, the vice president now owns 104,869 shares in the company, valued at approximately $2,725,545.31. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on COLB shares. Keefe, Bruyette & Woods decreased their price objective on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating for the company in a research note on Thursday. Barclays upped their price target on Columbia Banking System from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday. Stephens reduced their price objective on shares of Columbia Banking System from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 28th. DA Davidson set a $25.00 target price on shares of Columbia Banking System and gave the company a "neutral" rating in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Columbia Banking System from $32.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of "Hold" and a consensus target price of $29.62.

Columbia Banking System Stock Performance

Shares of Columbia Banking System stock opened at $22.63 on Monday. The firm has a market cap of $4.75 billion, a PE ratio of 8.91 and a beta of 0.53. The business's 50 day simple moving average is $24.05 and its 200 day simple moving average is $27.02. Columbia Banking System, Inc. has a 52-week low of $18.11 and a 52-week high of $32.85.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.04. Columbia Banking System had a net margin of 17.99% and a return on equity of 11.21%. The company had revenue of $481.92 million for the quarter, compared to the consensus estimate of $482.86 million. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 2.71 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $0.36 per share. The ex-dividend date was Friday, February 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.36%. Columbia Banking System's dividend payout ratio is 61.02%.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.

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