Columbia Banking System (COLB) Projected to Post Quarterly Earnings on Thursday

Columbia Banking System (NASDAQ:COLBGet Free Report) is expected to be issuing its quarterly earnings data 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:COLBGet Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $482.86 million. During the same period in the previous year, the company posted $0.65 earnings per share. Columbia Banking System’s revenue for the quarter was up 3.7% on a year-over-year basis. 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 Trading Up 0.2%

Shares of NASDAQ:COLB opened at $23.88 on Thursday. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.85. The company has a market capitalization of $5.02 billion, a PE ratio of 10.12 and a beta of 0.62. The business has a 50 day moving average of $23.94 and a two-hundred day moving average of $24.89.

Columbia Banking System Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its holdings in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares in the last quarter. Focus Partners Wealth grew its stake in Columbia Banking System by 55.8% during the 1st quarter. Focus Partners Wealth now owns 12,621 shares of the financial services provider’s stock valued at $315,000 after acquiring an additional 4,520 shares in the last quarter. AQR Capital Management LLC grew its stake in Columbia Banking System by 35.4% during the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider’s stock valued at $1,402,000 after acquiring an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Columbia Banking System by 23.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider’s stock valued at $2,063,000 after acquiring an additional 15,845 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Columbia Banking System by 572.7% during the 1st quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider’s stock valued at $12,089,000 after acquiring an additional 412,674 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Wall Street Analysts Forecast Growth

COLB has been the subject of a number of analyst reports. Raymond James Financial set a $27.00 price target on Columbia Banking System and gave the company an “outperform” rating in a report on Thursday, April 24th. Piper Sandler decreased their target price on Columbia Banking System from $32.00 to $30.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price target on shares of 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. Wells Fargo & Company cut shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $29.00 to $27.00 in a research report on Thursday, July 10th. Finally, Royal Bank Of Canada reduced their price objective on shares of Columbia Banking System from $32.00 to $27.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $28.79.

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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 for Columbia Banking System (NASDAQ:COLB)

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