Zacks: Analysts expect Columbia Banking System, Inc. (NASDAQ:COLB) to post earnings of $0.71 per share

Wall Street brokers expect Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) to report earnings per share of $0.71 for the current quarter, according to Zacks. Two analysts made estimates of Columbia Banking System earnings. The highest EPS estimate is $0.76 and the lowest is $0.65. Columbia Banking System reported earnings per share of $0.77 in the same quarter last year, suggesting a negative 7.8% year-over-year growth rate. The company is expected to release its next quarterly results on Monday, January 1.

On average, analysts expect Columbia Banking System to report annual earnings of $2.51 per share for the current fiscal year, with EPS estimates ranging from $1.87 to $3.06. For next year, analysts expect the company to post earnings of $3.40 per share, with EPS estimates ranging from $3.16 to $3.50. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts who cover Columbia Banking System.

Columbia Banking System (NASDAQ:COLB – Get Rating) released its quarterly results for the last time on Thursday, April 21. The financial services provider reported earnings per share of $0.74 for the quarter, beating the consensus estimate of $0.68 by $0.06. The company posted revenue of $170.38 million in the quarter, versus a consensus estimate of $166.09 million. Columbia Banking System had a net margin of 31.91% and a return on equity of 9.30%. The company’s revenue for the quarter increased 15.8% year over year. In the same quarter of the previous year, the company achieved EPS of $0.73.

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A number of analysts have published reports on the company. Royal Bank of Canada raised its target price on Columbia Banking System from $35.00 to $36.00 and gave the company an “industry performance” rating in a research report on Friday. Keefe, Bruyette & Woods launched a hedge on Columbia Banking System in a Friday, February 11 report. They set a “market performance” rating on the stock. Raymond James cut his price target on Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Friday. Zacks Investment Research upgraded Columbia Banking System from a “hold” rating to a “strong-buy” rating and set a target price of $38.00 for the company in a Thursday, March 31 report. Finally, StockNews.com took over stock coverage from Columbia Banking System in a Thursday, March 31 research report. They have set a “holding” rating on the stock. Four investment analysts gave the stock a hold rating, two issued a buy rating and one gave the company a strong buy rating. According to MarketBeat, Columbia Banking System currently has a consensus rating of “Buy” and an average price target of $37.00.

In other Columbia Banking System news, Chief Financial Officer Aaron James Deer purchased 3,000 shares of Columbia Banking System in a trade dated Thursday, February 24. The shares were acquired at an average cost of $33.45 per share, with a total value of $100,350.00. The purchase was disclosed in a filing with the SEC, which is available on the SEC’s website. Company insiders own 0.62% of the company’s shares.

A number of hedge funds have recently increased or reduced their holdings in COLB. BlackRock Inc. increased its position in Columbia Banking System shares by 8.8% during the 4th quarter. BlackRock Inc. now owns 11,456,349 shares of the financial services provider valued at $374,853,000 after acquiring an additional 928,840 shares during the period. State Street Corp increased its stake in Columbia Banking System by 38.2% during the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider worth $162,205,000 after buying an additional 1,370,893 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Columbia Banking System by 15.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,348,653 shares of the financial services provider valued at $109,568,000 after buying an additional 458,588 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Columbia Banking System by 19.5% in the third quarter. Goldman Sachs Group Inc. now owns 2,782,593 shares of the financial services provider valued at $105,711,000 after buying an additional 453,962 shares last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Columbia Banking System by 0.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,300,423 shares of the financial services provider worth $87,393,000 after buying an additional 19,723 shares in the last quarter. 84.11% of the shares are currently held by hedge funds and other institutional investors.

COLB stock traded down $1.19 in Tuesday’s midday session, hitting $29.96. 815,893 shares of the company were traded, against an average volume of 872,480. The company’s fifty-day simple moving average is $33.32. Columbia Banking System has a 12 month minimum of $29.22 and a 12 month maximum of $44.99. The stock has a market capitalization of $2.36 billion, a price-earnings ratio of 10.70 and a beta of 0.63.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 will receive a dividend of $0.30. This represents a dividend of $1.20 on an annualized basis and a yield of 4.01%. The ex-dividend date is Tuesday, May 3. Columbia Banking System’s dividend payout ratio is currently 42.86%.

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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Earnings history and estimates for Columbia Banking System (NASDAQ:COLB)

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