Pzena Investment Management LLC Trims Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Pzena Investment Management LLC trimmed its position in Columbia Banking System, Inc. (NASDAQ:COLB) by 35.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,429,054 shares of the financial services provider’s stock after selling 796,710 shares during the quarter. Pzena Investment Management LLC’s holdings in Columbia Banking System were worth $38,599,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its stake in Columbia Banking System by 1,507.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,855 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 4,553 shares during the period. Janney Montgomery Scott LLC boosted its stake in Columbia Banking System by 7.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 117,866 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 8,114 shares during the period. QRG Capital Management Inc. bought a new position in Columbia Banking System in the 3rd quarter worth approximately $257,000. Los Angeles Capital Management LLC bought a new position in Columbia Banking System in the 3rd quarter worth approximately $4,231,000. Finally, Peregrine Asset Advisers Inc. bought a new position in Columbia Banking System in the 3rd quarter worth approximately $243,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Down 2.1 %

Shares of COLB opened at $24.51 on Tuesday. The company has a market cap of $5.14 billion, a PE ratio of 9.65 and a beta of 0.62. The business has a fifty day moving average of $27.26 and a 200 day moving average of $27.49. Columbia Banking System, Inc. has a 52-week low of $17.08 and a 52-week high of $32.85.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. Columbia Banking System had a return on equity of 11.21% and a net margin of 17.99%. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.44 dividend on an annualized basis and a yield of 5.88%. Columbia Banking System’s dividend payout ratio is presently 56.69%.

Insider Buying and Selling

In related news, VP Torran B. Nixon sold 4,481 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $25.99, for a total value of $116,461.19. Following the completion of the sale, the vice president now directly owns 104,869 shares in the company, valued at $2,725,545.31. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wells Fargo & Company upgraded Columbia Banking System from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $33.00 to $35.00 in a research note on Monday, January 6th. UBS Group assumed coverage on Columbia Banking System in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Citigroup dropped their price target on Columbia Banking System from $31.00 to $30.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Barclays upped their price target on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Finally, JPMorgan Chase & Co. lowered their target price on Columbia Banking System from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Columbia Banking System currently has a consensus rating of “Hold” and a consensus target price of $30.38.

Columbia Banking System Profile

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.