Brokerages Anticipate Columbia Banking System Inc (NASDAQ:COLB) Will Post Quarterly Sales of $146.50 Million

Equities analysts expect Columbia Banking System Inc (NASDAQ:COLB) to post $146.50 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Columbia Banking System’s earnings. The highest sales estimate is $147.00 million and the lowest is $146.00 million. Columbia Banking System reported sales of $144.29 million during the same quarter last year, which indicates a positive year over year growth rate of 1.5%. The firm is expected to report its next earnings report on Thursday, January 23rd.

On average, analysts expect that Columbia Banking System will report full-year sales of $589.50 million for the current financial year, with estimates ranging from $589.00 million to $590.00 million. For the next year, analysts anticipate that the company will post sales of $592.25 million, with estimates ranging from $590.80 million to $593.70 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Columbia Banking System.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.09. The firm had revenue of $150.48 million for the quarter, compared to analysts’ expectations of $146.70 million. Columbia Banking System had a net margin of 31.02% and a return on equity of 9.21%. During the same period in the prior year, the business posted $0.63 earnings per share.

Several brokerages recently weighed in on COLB. ValuEngine upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Zacks Investment Research downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Stephens reiterated a “hold” rating and issued a $38.00 price target on shares of Columbia Banking System in a report on Thursday, October 24th. Royal Bank of Canada set a $40.00 price target on shares of Columbia Banking System and gave the stock a “hold” rating in a report on Friday, October 25th. Finally, BidaskClub upgraded shares of Columbia Banking System from a “buy” rating to a “strong-buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Columbia Banking System currently has an average rating of “Hold” and an average target price of $39.75.

Shares of NASDAQ COLB traded up $0.17 during mid-day trading on Thursday, reaching $40.71. The company had a trading volume of 190,200 shares, compared to its average volume of 308,082. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 16.48 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average is $37.58 and its 200-day moving average is $36.10. Columbia Banking System has a 52 week low of $30.65 and a 52 week high of $41.05.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Wednesday, November 6th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.12 annualized dividend and a yield of 2.75%. Columbia Banking System’s dividend payout ratio (DPR) is presently 45.34%.

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In related news, EVP David C. Lawson sold 1,164 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $39.95, for a total value of $46,501.80. Following the transaction, the executive vice president now owns 16,544 shares in the company, valued at approximately $660,932.80. The sale was disclosed in a filing with the SEC, which is available through this link. 0.92% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP grew its stake in shares of Columbia Banking System by 13.4% during the 2nd quarter. First Trust Advisors LP now owns 100,356 shares of the financial services provider’s stock worth $3,631,000 after purchasing an additional 11,843 shares during the period. Comerica Bank grew its stake in shares of Columbia Banking System by 2.1% during the 2nd quarter. Comerica Bank now owns 120,822 shares of the financial services provider’s stock worth $4,248,000 after purchasing an additional 2,451 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of Columbia Banking System by 1.8% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,873 shares of the financial services provider’s stock worth $1,045,000 after purchasing an additional 500 shares during the period. Northern Trust Corp grew its stake in shares of Columbia Banking System by 0.4% during the 2nd quarter. Northern Trust Corp now owns 1,441,014 shares of the financial services provider’s stock worth $52,137,000 after purchasing an additional 6,244 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Columbia Banking System by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 7,870,804 shares of the financial services provider’s stock worth $284,766,000 after purchasing an additional 49,422 shares during the period. 89.70% of the stock is currently owned by institutional investors and hedge funds.

About Columbia Banking System

Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.

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Earnings History and Estimates for Columbia Banking System (NASDAQ:COLB)

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