Mengis Capital Management Inc. Cuts Stake in Columbia Banking System, Inc. (NASDAQ:COLB)

Mengis Capital Management Inc. cut its stake in Columbia Banking System, Inc. (NASDAQ:COLB) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,410 shares of the financial services provider’s stock after selling 512 shares during the quarter. Mengis Capital Management Inc.’s holdings in Columbia Banking System were worth $1,335,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Securities Inc. raised its position in Columbia Banking System by 171.3% in the fourth quarter. Principal Securities Inc. now owns 2,127 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 1,343 shares during the period. Farther Finance Advisors LLC increased its position in shares of Columbia Banking System by 1,507.6% during the third quarter. Farther Finance Advisors LLC now owns 4,855 shares of the financial services provider’s stock worth $127,000 after acquiring an additional 4,553 shares during the last quarter. Signaturefd LLC increased its position in shares of Columbia Banking System by 14.0% during the third quarter. Signaturefd LLC now owns 5,767 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 709 shares during the last quarter. Blue Trust Inc. increased its position in shares of Columbia Banking System by 14.9% during the fourth quarter. Blue Trust Inc. now owns 6,745 shares of the financial services provider’s stock worth $176,000 after acquiring an additional 875 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Columbia Banking System during the third quarter worth about $208,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Stock Down 0.7 %

Shares of COLB stock opened at $26.33 on Tuesday. The business has a 50 day moving average of $27.56 and a two-hundred day moving average of $27.34. Columbia Banking System, Inc. has a 52 week low of $17.08 and a 52 week high of $32.85. The company has a market cap of $5.52 billion, a P/E ratio of 10.37 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.71 EPS for the quarter, beating 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%. Analysts expect that Columbia Banking System, Inc. will post 2.71 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid 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 5.47%. Columbia Banking System’s payout ratio is currently 56.69%.

Analyst Upgrades and Downgrades

COLB has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their target price on 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. Wells Fargo & Company raised Columbia Banking System from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $33.00 to $35.00 in a research report on Monday, January 6th. Barclays lifted their target price on Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. UBS Group initiated coverage on Columbia Banking System in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Finally, Citigroup dropped their target price on Columbia Banking System from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and an average target price of $30.38.

Columbia Banking System Company 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.