Wedbush Analysts Cut Earnings Estimates for Columbia Banking System, Inc. (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Equities researchers at Wedbush decreased their Q3 2024 earnings per share estimates for Columbia Banking System in a report released on Friday, April 26th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.58 per share for the quarter, down from their prior forecast of $0.60. Wedbush has a “Neutral” rating and a $20.00 price objective 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 data on Thursday, April 25th. The financial services provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share.

Several other analysts have also recently commented on COLB. Citigroup decreased their price target on shares of 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. Royal Bank of Canada decreased their price target on shares of Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 9th. Piper Sandler decreased their price target on shares of Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. DA Davidson decreased their price target on shares of 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. Finally, Barclays increased their price target on shares of Columbia Banking System from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and an average target price of $22.19.

Columbia Banking System Trading Down 0.8 %

Shares of Columbia Banking System stock opened at $18.81 on Monday. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 8.07 and a beta of 0.71. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.11. The firm’s 50-day moving average price is $18.52 and its two-hundred day moving average price is $21.15.

Columbia Banking System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 7.66%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Insider Buying and Selling at Columbia Banking System

In other news, Director Elizabeth Whitehead Seaton purchased 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, for a total transaction of $49,618.80. Following the completion of the acquisition, the director now owns 25,001 shares in the company, valued at $462,018.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Columbia Banking System news, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average price of $18.48 per share, with a total value of $49,618.80. Following the completion of the transaction, the director now owns 25,001 shares in the company, valued at $462,018.48. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Aaron James Deer acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average price of $19.32 per share, with a total value of $38,640.00. Following 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. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors have recently bought and sold shares of the company. Treasurer of the State of North Carolina increased its position in Columbia Banking System by 0.5% in the third 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 buying an additional 460 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Columbia Banking System by 17.8% in the fourth quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 595 shares during the period. Retirement Systems of Alabama raised its position in shares of Columbia Banking System by 0.3% in the first quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock valued at $5,068,000 after purchasing an additional 700 shares during the period. Essex Financial Services Inc. lifted its stake in shares of Columbia Banking System by 3.8% during the 1st quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider’s stock valued at $379,000 after buying an additional 725 shares in the last quarter. Finally, Caprock Group LLC boosted its holdings in Columbia Banking System by 2.3% in the 4th quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock worth $925,000 after buying an additional 781 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

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.