Columbia Banking System, Inc. $COLB Shares Newly Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Columbia Banking System, Inc. (NASDAQ:COLB) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 269,611 shares of the financial services provider’s stock, valued at approximately $7,711,000. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Columbia Banking System as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Columbia Banking System during the 2nd quarter worth approximately $29,000. Cedar Mountain Advisors LLC raised its holdings in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after buying an additional 949 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Columbia Banking System during the second quarter worth $31,000. Root Financial Partners LLC acquired a new stake in shares of Columbia Banking System during the third quarter worth $34,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Columbia Banking System by 213.7% during the third quarter. Elevation Wealth Partners LLC now owns 1,352 shares of the financial services provider’s stock worth $39,000 after buying an additional 921 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Zacks Research raised shares of Columbia Banking System from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Deutsche Bank Aktiengesellschaft started coverage on Columbia Banking System in a research note on Tuesday, October 13th. They issued a “hold” rating and a $32.00 target price for the company. Barclays boosted their price target on Columbia Banking System from $32.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday. TD Cowen boosted their price target on Columbia Banking System from $32.00 to $33.00 and gave the company a “hold” rating in a research note on Tuesday, October 27th. Finally, Keefe, Bruyette & Woods increased their price objective on Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $33.62.

Columbia Banking System Price Performance

COLB stock opened at $31.37 on Thursday. The firm’s fifty day simple moving average is $29.65 and its 200-day simple moving average is $29.91. The company has a market capitalization of $8.87 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. Columbia Banking System, Inc. has a 12 month low of $25.51 and a 12 month high of $33.67.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $702.00 million for the quarter, compared to analyst estimates of $687.74 million. Columbia Banking System had a net margin of 22.83% and a return on equity of 11.93%. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.85 earnings per share. As a group, sell-side analysts forecast that Columbia Banking System, Inc. will post 3.07 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, August 28th. Columbia Banking System’s dividend payout ratio (DPR) is currently 51.21%.

Insiders Place Their Bets

In other Columbia Banking System news, Director Steven Gardner sold 10,522 shares of Columbia Banking System stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $31.23, for a total transaction of $328,602.06. Following the completion of the transaction, the director owned 2,577 shares in the company, valued at approximately $80,479.71. This trade represents a 80.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.

Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.

Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.