Geode Capital Management LLC Increases Stock Holdings in Columbia Banking System, Inc. $COLB

Geode Capital Management LLC boosted its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 2.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 5,698,017 shares of the financial services provider’s stock after purchasing an additional 151,297 shares during the quarter. Geode Capital Management LLC’s holdings in Columbia Banking System were worth $159,291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after acquiring an additional 8,730,937 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Columbia Banking System by 135.2% in the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock valued at $354,754,000 after acquiring an additional 7,921,303 shares during the last quarter. State Street Corp boosted its holdings in Columbia Banking System by 32.5% in the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after acquiring an additional 3,290,560 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Columbia Banking System by 68.1% in the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock valued at $337,611,000 after acquiring an additional 5,313,883 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Columbia Banking System by 11.9% in the third quarter. American Century Companies Inc. now owns 10,016,178 shares of the financial services provider’s stock valued at $257,816,000 after acquiring an additional 1,067,491 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Price Performance

Shares of COLB opened at $28.59 on Thursday. The stock’s 50-day moving average is $28.95 and its two-hundred day moving average is $28.82. The stock has a market cap of $8.28 billion, a PE ratio of 11.39 and a beta of 0.63. Columbia Banking System, Inc. has a 12 month low of $21.91 and a 12 month high of $32.70.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, topping 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 return on equity of 11.41% and a net margin of 19.28%.The firm’s quarterly revenue was up 37.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 earnings per share. On average, research analysts anticipate that Columbia Banking System, Inc. will post 3.08 earnings per share for the current year.

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a $0.37 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 5.2%. Columbia Banking System’s payout ratio is currently 58.96%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on COLB shares. Weiss Ratings upgraded Columbia Banking System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. JPMorgan Chase & Co. reduced their target price on Columbia Banking System from $34.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. Barclays reduced their target price on Columbia Banking System from $30.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 7th. UBS Group started coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 target price on the stock. Finally, Citigroup lifted their target price on Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $32.13.

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.