Q3 2024 EPS Estimates for Columbia Banking System, Inc. Cut by Analyst (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Analysts at Wedbush reduced their Q3 2024 EPS estimates for shares of Columbia Banking System in a research report issued to clients and investors on Friday, April 26th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $0.58 per share for the quarter, down from their previous forecast of $0.60. Wedbush currently has a “Neutral” rating and a $20.00 price target on the stock. The consensus estimate for Columbia Banking System’s current full-year earnings is $2.25 per share. Wedbush also issued estimates for Columbia Banking System’s FY2025 earnings at $2.65 EPS.

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

Several other equities analysts have also commented on COLB. Keefe, Bruyette & Woods dropped their target price on Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating for the company in a research note on Friday, April 5th. UBS Group reduced their target price on Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating for the company in a research note on Friday, January 26th. Citigroup cut their price objective on Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. JPMorgan Chase & Co. dropped their price objective on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, April 4th. Finally, Stephens downgraded shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $31.00 to $24.00 in a research report on Thursday, January 25th. One research 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 has an average rating of “Hold” and a consensus target price of $22.19.

Columbia Banking System Stock Down 0.8 %

Shares of NASDAQ:COLB opened at $18.97 on Monday. Columbia Banking System has a 52-week low of $17.08 and a 52-week 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 stock’s fifty day simple moving average is $18.52 and its 200-day simple moving average is $21.15.

Columbia Banking System Dividend Announcement

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

Insider Buying and Selling

In related news, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were bought 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 of the company’s stock, valued at $462,018.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Elizabeth Whitehead Seaton bought 2,685 shares of Columbia Banking System stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the purchase, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Aaron James Deer purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the acquisition, the insider now directly owns 36,850 shares of the company’s stock, valued at approximately $711,942. The disclosure for this purchase can be found here. Insiders acquired 9,574 shares of company stock valued at $188,874 over the last 90 days. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

A number of institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its stake in shares of Columbia Banking System by 9.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 57,745 shares of the financial services provider’s stock valued at $1,117,000 after purchasing an additional 4,856 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Columbia Banking System by 2.6% in the first quarter. Principal Financial Group Inc. now owns 785,352 shares of the financial services provider’s stock worth $15,197,000 after purchasing an additional 19,621 shares during the period. ZWJ Investment Counsel Inc. increased its stake in shares of Columbia Banking System by 4.0% during the first quarter. ZWJ Investment Counsel Inc. now owns 102,731 shares of the financial services provider’s stock valued at $1,988,000 after purchasing an additional 3,986 shares in the last quarter. Peregrine Capital Management LLC increased its stake in shares of Columbia Banking System by 23.1% during the first quarter. Peregrine Capital Management LLC now owns 396,177 shares of the financial services provider’s stock valued at $7,666,000 after purchasing an additional 74,357 shares in the last quarter. Finally, Verdence Capital Advisors LLC purchased a new position in shares of Columbia Banking System during the first quarter valued at approximately $311,000. 92.53% of the stock is owned by hedge funds and other institutional investors.

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.