Q1 2024 Earnings Estimate for Columbia Banking System, Inc. Issued By DA Davidson (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLBFree Report) – Equities researchers at DA Davidson decreased their Q1 2024 EPS estimates for Columbia Banking System in a research report issued to clients and investors on Monday, March 18th. DA Davidson analyst J. Rulis now anticipates that the financial services provider will post earnings per share of $0.53 for the quarter, down from their prior estimate of $0.62. 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 $2.37 per share. DA Davidson also issued estimates for Columbia Banking System’s FY2025 earnings at $2.60 EPS.

Columbia Banking System (NASDAQ:COLBGet Free Report) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.35). Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The company had revenue of $519.16 million for the quarter, compared to the consensus estimate of $525.94 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The company’s revenue for the quarter was up 52.5% compared to the same quarter last year.

A number of other equities research analysts have also weighed in on COLB. Barclays initiated coverage on shares of Columbia Banking System in a report on Friday, March 8th. They issued an “equal weight” rating and a $20.00 price objective for the company. Royal Bank of Canada decreased their target price on shares of Columbia Banking System from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Thursday, January 25th. Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price objective on the stock. in a research report on Thursday, January 25th. JPMorgan Chase & Co. reduced their price objective on shares of Columbia Banking System from $30.00 to $23.00 and set a “neutral” rating on the stock in a research report on Friday, January 26th. Finally, Stephens downgraded shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $31.00 to $24.00 in a research report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $23.04.

Check Out Our Latest Stock Analysis on Columbia Banking System

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $18.01 on Tuesday. Columbia Banking System has a 1 year low of $17.18 and a 1 year high of $28.11. The firm has a market cap of $3.76 billion, a PE ratio of 10.92 and a beta of 0.70. The company has a 50 day simple moving average of $20.55 and a two-hundred day simple moving average of $21.50.

Institutional Investors Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently made changes to their positions in COLB. Macquarie Group Ltd. increased its position in shares of Columbia Banking System by 3,669.2% during the 1st quarter. Macquarie Group Ltd. now owns 8,094,950 shares of the financial services provider’s stock valued at $173,405,000 after purchasing an additional 7,880,183 shares during the last quarter. BlackRock Inc. increased its holdings in Columbia Banking System by 65.9% in the 1st quarter. BlackRock Inc. now owns 18,791,230 shares of the financial services provider’s stock worth $402,508,000 after acquiring an additional 7,465,846 shares in the last quarter. State Street Corp increased its holdings in Columbia Banking System by 91.2% in the 1st quarter. State Street Corp now owns 9,102,942 shares of the financial services provider’s stock worth $194,985,000 after acquiring an additional 4,342,755 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Columbia Banking System in the 1st quarter worth approximately $90,775,000. Finally, Wellington Management Group LLP purchased a new stake in Columbia Banking System in the 3rd quarter worth approximately $80,011,000. Hedge funds and other institutional investors own 89.82% of the company’s stock.

Insider Buying and Selling at Columbia Banking System

In related news, VP Christopher Merrywell bought 5,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were acquired at an average price of $21.09 per share, for a total transaction of $105,450.00. Following the purchase, the vice president now owns 50,727 shares of the company’s stock, valued at $1,069,832.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Columbia Banking System news, VP Christopher Merrywell purchased 5,000 shares of Columbia Banking System stock in a transaction dated Tuesday, January 30th. The stock was purchased at an average price of $21.09 per share, with a total value of $105,450.00. Following the transaction, the vice president now directly owns 50,727 shares of the company’s stock, valued at $1,069,832.43. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director John F. Schultz purchased 8,559 shares of Columbia Banking System stock in a transaction dated Monday, January 29th. The shares were acquired at an average cost of $20.39 per share, with a total value of $174,518.01. Following the transaction, the director now directly owns 41,870 shares in the company, valued at $853,729.30. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 35,133 shares of company stock worth $719,737. Company insiders own 0.62% of the company’s stock.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 8.00%. The ex-dividend date was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio is currently 87.27%.

About Columbia Banking System

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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.

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Earnings History and Estimates for Columbia Banking System (NASDAQ:COLB)

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