Revolve Wealth Partners LLC Makes New Investment in Columbia Banking System, Inc. $COLB

Revolve Wealth Partners LLC acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 26,900 shares of the financial services provider’s stock, valued at approximately $862,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quad Cities Investment Group LLC grew its holdings in shares of Columbia Banking System by 0.7% during the 2nd quarter. Quad Cities Investment Group LLC now owns 45,802 shares of the financial services provider’s stock worth $1,468,000 after purchasing an additional 331 shares in the last quarter. TD Waterhouse Canada Inc. increased its position in shares of Columbia Banking System by 6.2% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 348 shares during the period. Hilton Head Capital Partners LLC raised its stake in Columbia Banking System by 25.8% in the first quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 399 shares in the last quarter. State of Michigan Retirement System lifted its position in Columbia Banking System by 0.6% during the first quarter. State of Michigan Retirement System now owns 71,041 shares of the financial services provider’s stock worth $1,949,000 after purchasing an additional 400 shares during the period. Finally, Kera Capital Partners Inc. lifted its position in Columbia Banking System by 5.7% during the first quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 425 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Trading Up 0.1%

COLB opened at $31.26 on Tuesday. The company’s 50 day moving average is $31.37 and its 200-day moving average is $29.90. Columbia Banking System, Inc. has a 1-year low of $23.83 and a 1-year high of $33.67. The company has a market cap of $8.84 billion, a P/E ratio of 12.45, a PEG ratio of 3.09 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. The company had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same period in the previous year, the firm posted $0.76 EPS. On average, equities analysts forecast that Columbia Banking System, Inc. will post 3.03 EPS for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, May 29th. Columbia Banking System’s payout ratio is presently 58.96%.

Analysts Set New Price Targets

A number of brokerages have issued reports on COLB. Weiss Ratings upgraded shares of Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Piper Sandler upped their price target on shares of Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. JPMorgan Chase & Co. increased their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Wall Street Zen lowered shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Barclays decreased their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and an average target price of $33.35.

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at approximately $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.57% of the company’s stock.

Columbia Banking System Profile

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.