Columbia Banking System (COLB) Expected to Announce Quarterly Earnings on Thursday

Columbia Banking System (NASDAQ:COLB) is anticipated to announce its earnings results after the market closes on Thursday, July 24th. Analysts expect the company to announce earnings of $0.66 per share and revenue of $492.00 million for the quarter.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.12% and a net margin of 16.85%. The company had revenue of $481.92 million for the quarter, compared to analyst estimates of $482.86 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, analysts expect Columbia Banking System to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Columbia Banking System Price Performance

COLB opened at $23.88 on Thursday. The business’s 50-day moving average is $23.94 and its two-hundred day moving average is $24.89. Columbia Banking System has a 1 year low of $19.61 and a 1 year high of $32.85. The firm has a market capitalization of $5.02 billion, a PE ratio of 10.12 and a beta of 0.62.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a $0.36 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.44 annualized dividend and a yield of 6.03%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.02%.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors and hedge funds have recently modified their holdings of COLB. Geneos Wealth Management Inc. lifted its holdings in shares of Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 794 shares during the period. Focus Partners Wealth lifted its holdings in shares of Columbia Banking System by 55.8% during the first quarter. Focus Partners Wealth now owns 12,621 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 4,520 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Columbia Banking System by 35.4% during the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock worth $1,402,000 after purchasing an additional 14,824 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Columbia Banking System by 23.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock worth $2,063,000 after purchasing an additional 15,845 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Columbia Banking System by 572.7% during the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock worth $12,089,000 after purchasing an additional 412,674 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on COLB shares. DA Davidson lifted their target price on Columbia Banking System from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $26.50 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 1st. Raymond James Financial set a $27.00 price target on Columbia Banking System and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Royal Bank Of Canada dropped their price target on Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 24th. Finally, Keefe, Bruyette & Woods dropped their price target on Columbia Banking System from $33.00 to $30.00 and set a “market perform” rating on the stock in a research note on Thursday, April 24th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $28.79.

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.