Range Financial Group LLC Acquires New Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Range Financial Group LLC acquired a new stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 69,080 shares of the financial services provider's stock, valued at approximately $1,866,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in COLB. Allspring Global Investments Holdings LLC grew its position in Columbia Banking System by 111.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider's stock worth $52,000 after acquiring an additional 1,380 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Columbia Banking System by 18.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 68,521 shares of the financial services provider's stock valued at $1,363,000 after buying an additional 10,776 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Columbia Banking System by 37.8% during the 2nd quarter. Natixis Advisors LLC now owns 97,911 shares of the financial services provider's stock valued at $1,947,000 after buying an additional 26,877 shares in the last quarter. Arizona State Retirement System lifted its position in Columbia Banking System by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 58,406 shares of the financial services provider's stock worth $1,162,000 after buying an additional 1,085 shares during the last quarter. Finally, LSV Asset Management boosted its stake in Columbia Banking System by 333.8% in the second quarter. LSV Asset Management now owns 639,042 shares of the financial services provider's stock worth $12,711,000 after buying an additional 491,742 shares in the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COLB shares. JPMorgan Chase & Co. lowered their price objective on shares of Columbia Banking System from $32.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday. Raymond James upped their price target on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an "outperform" rating in a research report on Wednesday, October 2nd. Royal Bank of Canada lifted their price objective on Columbia Banking System from $29.00 to $31.00 and gave the stock a "sector perform" rating in a report on Friday, October 25th. Barclays increased their target price on Columbia Banking System from $29.00 to $33.00 and gave the company an "equal weight" rating in a report on Thursday, December 5th. Finally, Wedbush lifted their price target on Columbia Banking System from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, October 25th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Columbia Banking System currently has a consensus rating of "Hold" and a consensus target price of $29.31.

Columbia Banking System Stock Down 0.8 %

Shares of COLB traded down $0.21 during trading hours on Tuesday, reaching $27.20. 1,626,873 shares of the company traded hands, compared to its average volume of 1,213,068. Columbia Banking System, Inc. has a 12 month low of $17.08 and a 12 month high of $32.85. The company's fifty day moving average price is $29.34 and its two-hundred day moving average price is $26.02. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 11.77 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The firm had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. During the same quarter in the prior year, the business earned $0.79 EPS. On average, analysts expect that Columbia Banking System, Inc. will post 2.63 EPS for the current year.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date was Friday, November 29th. Columbia Banking System's dividend payout ratio is presently 62.34%.

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.