Columbia Banking System (NASDAQ:COLB) Issues Earnings Results, Beats Expectations By $0.06 EPS

Columbia Banking System (NASDAQ:COLBGet Rating) released its earnings results on Thursday. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06, MarketWatch Earnings reports. The business had revenue of $170.38 million for the quarter, compared to the consensus estimate of $166.09 million. Columbia Banking System had a return on equity of 8.91% and a net margin of 32.19%. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the business earned $0.73 earnings per share.

NASDAQ:COLB opened at $31.39 on Friday. Columbia Banking System has a 1 year low of $29.22 and a 1 year high of $45.05. The firm has a 50 day moving average of $33.61 and a 200-day moving average of $34.51. The stock has a market capitalization of $2.47 billion, a P/E ratio of 11.25 and a beta of 0.63.

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods assumed coverage on Columbia Banking System in a report on Friday, February 11th. They set a “market perform” rating on the stock. StockNews.com assumed coverage on Columbia Banking System in a report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Zacks Investment Research raised Columbia Banking System from a “hold” rating to a “strong-buy” rating and set a $38.00 price objective on the stock in a report on Thursday, March 31st. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Columbia Banking System presently has a consensus rating of “Buy” and a consensus price target of $37.80.

In other news, CFO Aaron James Deer bought 3,000 shares of the business’s stock in a transaction dated Thursday, February 24th. The stock was bought at an average price of $33.45 per share, for a total transaction of $100,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.62% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Neo Ivy Capital Management bought a new position in Columbia Banking System in the 4th quarter worth approximately $56,000. Janus Henderson Group PLC bought a new position in Columbia Banking System in the 3rd quarter worth approximately $275,000. Virtu Financial LLC bought a new position in Columbia Banking System in the 4th quarter worth approximately $331,000. LPL Financial LLC raised its position in shares of Columbia Banking System by 25.2% during the 3rd quarter. LPL Financial LLC now owns 10,313 shares of the financial services provider’s stock valued at $392,000 after acquiring an additional 2,076 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Columbia Banking System during the 4th quarter valued at $650,000. Hedge funds and other institutional investors own 84.11% of the company’s stock.

Columbia Banking System Company Profile (Get Rating)

Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.

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Earnings History for Columbia Banking System (NASDAQ:COLB)

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