Columbia Banking System, Inc. (NASDAQ:COLB) to Post Q2 2024 Earnings of $0.58 Per Share, DA Davidson Forecasts

Columbia Banking System, Inc. (NASDAQ:COLB) – Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Columbia Banking System in a report released on Friday, April 26th. DA Davidson analyst J. Rulis forecasts that the financial services provider will post earnings of $0.58 per share 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 analysts also recently commented on COLB. Royal Bank of Canada cut their target price on Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. TheStreet lowered Columbia Banking System from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Wells Fargo & Company reduced their target price on Columbia Banking System from $25.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. Piper Sandler reduced their target price on Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating for the company in a report on Thursday, January 25th. Finally, Truist Financial reduced their target price on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating for the company in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company. 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 Down 0.8 %

Shares of COLB opened at $18.97 on Monday. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The company has a market capitalization of $3.97 billion, a P/E ratio of 8.14 and a beta of 0.71. The firm has a 50 day moving average of $18.52 and a 200 day moving average of $21.15.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. The business had revenue of $473.72 million during the quarter, compared to analysts’ expectations of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 earnings per share.

Institutional Trading of Columbia Banking System

A number of hedge funds and other institutional investors have recently modified their holdings of COLB. Keeley Teton Advisors LLC boosted its holdings in Columbia Banking System by 11.0% in the 3rd quarter. Keeley Teton Advisors LLC now owns 405,480 shares of the financial services provider’s stock worth $8,231,000 after buying an additional 40,215 shares during the period. Kennedy Capital Management LLC lifted its position in shares of Columbia Banking System by 1,633.4% in the third quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock valued at $25,936,000 after acquiring an additional 1,203,933 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Columbia Banking System by 32.5% in the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock valued at $79,980,000 after acquiring an additional 967,009 shares in the last quarter. First Hawaiian Bank lifted its position in shares of Columbia Banking System by 12.3% in the fourth quarter. First Hawaiian Bank now owns 20,062 shares of the financial services provider’s stock valued at $535,000 after acquiring an additional 2,200 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Columbia Banking System by 21.4% in the fourth quarter. Nordea Investment Management AB now owns 146,066 shares of the financial services provider’s stock valued at $3,910,000 after acquiring an additional 25,771 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Columbia Banking System news, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $18.48 per share, with a total value of $49,618.80. Following the transaction, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Luis Machuca bought 4,889 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were bought at an average price of $20.58 per share, for a total transaction of $100,615.62. Following the purchase, the director now owns 60,835 shares in the company, valued at $1,251,984.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the stock in a transaction on Tuesday, February 6th. The shares were purchased at an average cost of $18.48 per share, for a total transaction of $49,618.80. Following the acquisition, the director now directly owns 25,001 shares of the company’s stock, valued at $462,018.48. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 9,574 shares of company stock worth $188,874. Company insiders own 0.59% of the company’s stock.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.59%. Columbia Banking System’s dividend payout ratio is currently 61.80%.

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.