Columbia Banking System, Inc. (NASDAQ:COLB) Expected to Post Quarterly Sales of $176.90 Million
Brokers expect Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) to report $176.90 million in sales for the current fiscal quarter, Zacks reports. Two analysts provided earnings estimates for Columbia Banking System, with the highest sales estimate of $177.30 million and the lowest estimate of $176.50 million. Columbia Banking System reported sales of $146.21 million in the same quarter last year, indicating a positive year-over-year growth rate of 21%. The company is expected to release its next quarterly earnings report on Monday, January 1.
According to Zacks, analysts expect Columbia Banking System to report annual sales of $1.36 billion for the current fiscal year, with estimates ranging from $1.34 billion to $1.37 billion. For the next fiscal year, analysts expect the company to post sales of $2.11 billion, with estimates ranging from $2.07 billion to $2.15 billion. Zacks Investment Research sales averages are an average average based on a survey of analysts who cover Columbia Banking System.
Columbia Banking System (NASDAQ:COLB – Get Rating) last announced its quarterly results on Thursday, April 21. The financial services provider reported earnings per share of $0.81 for the quarter, beating the consensus estimate of $0.66 by $0.15. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. The company posted revenue of $170.38 million in the quarter, versus analyst estimates of $166.09 million. In the same quarter of the previous year, the company achieved EPS of $0.73. Columbia Banking System’s revenue for the quarter increased 15.8% compared to the same quarter last year.
Several research companies have commented on COLB. Royal Bank of Canada raised its price target on Columbia Banking System from $35.00 to $36.00 and gave the stock an “industry performance” rating in a Friday, April 22 research note. Piper Sandler reduced her price target on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research note. Zacks Investment Research downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a Friday, May 20 research rating. Keefe, Bruyette & Woods supported coverage of the Columbia banking system in a Friday, February 11 research note. They set a “market performance” rating for the company. Finally, StockNews.com took over coverage of the Columbia banking system in a Thursday, March 31 report. They have set a “holding” rating on the stock. Five analysts gave the stock a hold rating and two gave the stock a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.00.
NASDAQ:COLB opened at $31.27 on Wednesday. Columbia Banking System has a 12-month low of $27.61 and a 12-month high of $43.50. The stock has a 50-day moving average of $29.94 and a two-hundred-day moving average of $32.87. The company has a market capitalization of $2.46 billion, a P/E ratio of 11.17 and a beta of 0.68.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 received a dividend of $0.30 per share. This represents an annualized dividend of $1.20 and a dividend yield of 3.84%. The ex-dividend date was Tuesday, May 3. Columbia Banking System’s dividend payout ratio is currently 42.86%.
In other news from the Columbia Banking System, Chief Financial Officer Aaron James Deer acquired 3,000 shares of the company in a transaction that took place on Monday, May 2. The shares were purchased at an average cost of $28.00 per share, for a total transaction of $84,000.00. Following the completion of the acquisition, the CFO now owns 15,427 shares of the company, valued at approximately $431,956. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.62% of the company’s shares.
A number of institutional investors and hedge funds have recently increased or reduced their stake in COLB. State Street Corp increased its stake in Columbia Banking System by 38.2% in the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider valued at $162,205,000 after acquiring an additional 1,370,893 shares in the last quarter. Millennium Management LLC acquired a new stake in Columbia Banking System in the fourth quarter valued at approximately $35,816,000. BlackRock Inc. raised its position in Columbia Banking System by 8.8% in the fourth quarter. BlackRock Inc. now owns 11,456,349 shares of the financial services provider valued at $374,853,000 after purchasing an additional 928,840 shares during the period. Norges Bank acquired a new stake in Columbia Banking System in the fourth quarter worth approximately $22,743,000. Finally, Neumeier Poma Investment Counsel LLC acquired a new stake in Columbia Banking System in the first quarter worth approximately $21,043,000. Hedge funds and other institutional investors hold 94.44% of the company’s shares.
About the Columbia Banking System (Get an evaluation)
Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.
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