Brokerages expect Columbia Banking System, Inc. (NASDAQ:COLB – Get a rating) to report $176.90 million in sales for the current quarter, Zacks Investment Research reports. Two analysts made estimates of Columbia Banking System’s earnings, with the lowest sales estimate of $176.50 million and the highest estimate of $177.30 million. Columbia Banking System reported sales of $146.21 million in the same quarter last year, suggesting a positive year-over-year growth rate of 21%. The company is due to release its next earnings report on Monday, January 1.
On average, analysts expect Columbia Banking System to report annual sales of $1.36 billion for the current fiscal year, with estimates ranging from $1.34 billion to $1.37 billion. For the next fiscal year, analysts expect the company to post sales of $2.11 billion, with estimates ranging from $2.07 billion to $2.15 billion. Zacks Investment Research sales calculations are an average based on a survey of research analysts who provide coverage for Columbia Banking System.
Colombian banking system (NASDAQ:COLB – Get a rating) last announced its results on Thursday, April 21. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, beating consensus analyst estimates of $0.66 by $0.15. Columbia Banking System had a net margin of 31.91% and a return on equity of 9.30%. The company posted revenue of $170.38 million in the quarter, compared to $166.09 million expected by analysts. In the same quarter a year earlier, the company posted earnings of $0.73 per share. Columbia Banking System’s quarterly revenue increased 15.8% year over year.
COLB has been the subject of several recent research reports. Raymond James cut his price target on Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating for the company in a Friday, April 22 research note. Piper Sandler reduced her target price on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research report. Zacks Investment Research upgraded Columbia Banking System from a “hold” rating to a “strong-buy” rating and set a $38.00 price target for the stock in a Thursday, March 31 research report. Royal Bank of Canada raised its price target on Columbia Banking System shares from $35.00 to $36.00 and gave the stock an ‘sector performance’ rating in a Friday research report April 22. Finally, Keefe, Bruyette & Woods launched a hedge on shares of Columbia Banking System in a report on Friday, February 11. They issued a “market performance” rating on the stock. Four analysts rated the stock with a hold rating, two gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $36.00.
In related news, CFO Aaron James Cerf purchased 3,000 shares of Columbia Banking System in a trade dated Thursday, February 24. The shares were purchased at an average cost of $33.45 per share, for a total transaction of $100,350.00. The acquisition was disclosed in an SEC filing, available at this link. 0.62% of the shares are currently held by company insiders.
Institutional investors and hedge funds have recently changed their positions in the company. State Street Corp increased its stake in Columbia Banking System by 38.2% in the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider worth $162,205,000 after buying an additional 1,370,893 shares last quarter. Millennium Management LLC purchased a new stake in shares of Columbia Banking System during the fourth quarter worth approximately $35,816,000. BlackRock Inc. increased its stake in shares of Columbia Banking System by 8.8% in the fourth quarter. BlackRock Inc. now owns 11,456,349 shares of the financial services provider valued at $374,853,000 after purchasing an additional 928,840 shares during the period. Norges Bank bought a new position in Columbia Banking System in Q4, valued at around $22,743,000. Finally, Neumeier Poma Investment Counsel LLC acquired a new stake in Columbia Banking System during Q1 valued at approximately $21,043,000. Institutional investors hold 94.44% of the company’s shares.
Shares of NASDAQ:COLB opened at $29.00 on Thursday. Columbia Banking System has a 12-month low of $27.61 and a 12-month high of $44.13. The company’s 50-day moving average price is $31.24 and its two-hundred-day moving average price is $33.49. The company has a market capitalization of $2.28 billion, a PE ratio of 10.36 and a beta of 0.68.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 received a dividend of $0.30 per share. This represents an annualized dividend of $1.20 and a yield of 4.14%. The ex-dividend date was Tuesday, May 3. Columbia Banking System’s payout rate is 42.86%.
Columbia Banking System Company Profile (Get a rating)
Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.
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