Columbia Banking System, Inc. Expected to Earn Q2 2024 Earnings of $0.58 Per Share (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Analysts at DA Davidson issued their Q2 2024 earnings estimates for Columbia Banking System in a research report issued on Friday, April 26th. DA Davidson analyst J. Rulis anticipates that the financial services provider will post earnings per share of $0.58 for the quarter. DA Davidson currently has a “Neutral” rating and a $20.00 target price on the stock. The consensus estimate for Columbia Banking System’s current full-year earnings is $2.25 per share. DA Davidson also issued estimates for Columbia Banking System’s FY2025 earnings at $2.70 EPS.

Several other brokerages have also recently issued reports on COLB. Wedbush restated a “neutral” rating and issued a $20.00 target price on shares of Columbia Banking System in a report on Friday. TheStreet downgraded shares of Columbia Banking System from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Barclays boosted their target price on shares of Columbia Banking System from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods decreased their price objective on Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $22.19.

Columbia Banking System Stock Performance

NASDAQ:COLB opened at $19.12 on Monday. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11. The stock has a market cap of $4.00 billion, a PE ratio of 8.21 and a beta of 0.71. The stock has a 50 day moving average price of $18.51 and a 200 day moving average price of $21.16.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.66%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 7.53%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s payout ratio is 61.80%.

Insiders Place Their Bets

In other news, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was acquired at an average cost of $18.48 per share, with a total value of $49,618.80. Following the completion of the purchase, the director now owns 25,001 shares of the company’s stock, valued at approximately $462,018.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Columbia Banking System news, VP Christopher Merrywell acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was purchased at an average price of $21.09 per share, for a total transaction of $105,450.00. Following the completion of the acquisition, the vice president now owns 50,727 shares of the company’s stock, valued at approximately $1,069,832.43. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Elizabeth Whitehead Seaton bought 2,685 shares of Columbia Banking System stock in a transaction on Tuesday, February 6th. The shares were acquired at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the acquisition, the director now owns 25,001 shares in the company, valued at $462,018.48. The disclosure for this purchase can be found here. Insiders have bought 24,074 shares of company stock worth $493,444 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its stake in shares of Columbia Banking System by 1,506.8% in the third quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,326 shares in the last quarter. Fifth Third Bancorp raised its position in Columbia Banking System by 113.4% in the 1st quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,047 shares in the last quarter. First Pacific Financial acquired a new stake in Columbia Banking System in the 4th quarter valued at about $40,000. Headlands Technologies LLC purchased a new position in shares of Columbia Banking System in the 4th quarter valued at about $42,000. Finally, GAMMA Investing LLC acquired a new position in shares of Columbia Banking System during the fourth quarter worth about $48,000. Institutional investors and hedge funds own 92.53% of the company’s stock.

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.