Brokers Offer Predictions for Columbia Banking System, Inc.’s Q1 2024 Earnings (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Stock analysts at Wedbush reduced their Q1 2024 earnings per share (EPS) estimates for shares of Columbia Banking System in a research report issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $0.53 per share for the quarter, down from their prior forecast of $0.64. Wedbush currently has a “Neutral” rating and a $24.00 target price on the stock. The consensus estimate for Columbia Banking System’s current full-year earnings is $2.32 per share. Wedbush also issued estimates for Columbia Banking System’s Q2 2024 earnings at $0.55 EPS, Q3 2024 earnings at $0.60 EPS, FY2024 earnings at $2.35 EPS, Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.65 EPS and Q4 2025 earnings at $0.64 EPS.

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

Other equities analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods cut shares of Columbia Banking System from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $30.00 to $25.00 in a research report on Thursday, January 25th. Piper Sandler lowered their price target 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. Royal Bank of Canada reduced their price objective on 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. Citigroup lowered their target price on shares of Columbia Banking System from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Finally, Raymond James lowered shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price target for the company. in a 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 given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.04.

Columbia Banking System Trading Up 1.3 %

Shares of NASDAQ:COLB opened at $19.35 on Thursday. Columbia Banking System has a 12-month low of $17.18 and a 12-month high of $28.11. The firm has a market cap of $4.04 billion, a PE ratio of 11.73 and a beta of 0.70. The company has a fifty day simple moving average of $19.37 and a 200 day simple moving average of $21.36.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were paid 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 dividend yield of 7.44%. Columbia Banking System’s dividend payout ratio is presently 87.27%.

Insider Buying and Selling

In other news, CFO Ron L. Farnsworth purchased 2,500 shares of the stock in a transaction dated Monday, January 29th. The shares were bought at an average cost of $20.71 per share, for a total transaction of $51,775.00. Following the transaction, the chief financial officer now owns 160,073 shares in the company, valued at $3,315,111.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Columbia Banking System news, CFO Ron L. Farnsworth acquired 2,500 shares of the stock in a transaction dated Monday, January 29th. The shares were bought at an average price of $20.71 per share, with a total value of $51,775.00. Following the purchase, the chief financial officer now directly owns 160,073 shares of the company’s stock, valued at approximately $3,315,111.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Elizabeth Whitehead Seaton bought 2,685 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were 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 $462,018.48. The disclosure for this purchase can be found here. Insiders have bought a total of 35,133 shares of company stock valued at $719,737 over the last quarter. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently modified their holdings of COLB. BNP Paribas Arbitrage SNC raised its position in Columbia Banking System by 0.9% during the third quarter. BNP Paribas Arbitrage SNC now owns 37,012 shares of the financial services provider’s stock valued at $1,069,000 after buying an additional 337 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in Columbia Banking System by 2.2% in the third quarter. Mercer Global Advisors Inc. ADV now owns 16,825 shares of the financial services provider’s stock valued at $486,000 after purchasing an additional 362 shares in the last quarter. Treasurer of the State of North Carolina increased its position in Columbia Banking System by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 91,302 shares of the financial services provider’s stock worth $1,853,000 after purchasing an additional 460 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Columbia Banking System by 27.2% during the 3rd quarter. Global Retirement Partners LLC now owns 2,489 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 533 shares in the last quarter. Finally, Caprock Group LLC lifted its holdings in shares of Columbia Banking System by 1.6% during the 3rd quarter. Caprock Group LLC now owns 33,903 shares of the financial services provider’s stock valued at $688,000 after buying an additional 545 shares during the last quarter. 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.