Research Analysts Offer Predictions for Columbia Banking System, Inc.’s Q3 2024 Earnings (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Equities research analysts at Wedbush dropped their Q3 2024 earnings per share (EPS) estimates for shares of Columbia Banking System in a research report issued on Friday, April 26th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $0.58 per share for the quarter, down from their prior estimate of $0.60. Wedbush currently has a “Neutral” rating and a $20.00 target price 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 issued its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. The company had revenue of $473.72 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 EPS.

A number of other brokerages have also recently weighed in on COLB. Raymond James cut Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price objective for the company. in a research note on Thursday, January 25th. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, April 4th. Barclays raised 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 report on Friday, April 26th. Truist Financial reduced their price objective on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Finally, Royal Bank of Canada lowered their target price on shares of Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.19.

Columbia Banking System Stock Performance

NASDAQ COLB opened at $18.81 on Monday. The company has a market cap of $3.94 billion, a PE ratio of 8.07 and a beta of 0.71. The firm’s 50 day moving average price is $18.52 and its 200-day moving average price is $21.15. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11.

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 issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.66%. The ex-dividend date was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Insider Activity

In other news, insider Aaron James Deer acquired 2,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average cost of $19.32 per share, with a total value of $38,640.00. Following the completion of the acquisition, the insider now owns 36,850 shares of the company’s stock, valued at $711,942. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Columbia Banking System news, Director Elizabeth Whitehead Seaton acquired 2,685 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were purchased at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the purchase, the director now directly owns 25,001 shares of the company’s stock, valued at $462,018.48. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Aaron James Deer bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $19.32 per share, with a total value of $38,640.00. Following the completion of the transaction, the insider now directly owns 36,850 shares of the company’s stock, valued at $711,942. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP purchased a new position in shares of Columbia Banking System during the 3rd quarter valued at approximately $80,011,000. Norges Bank acquired a new stake in Columbia Banking System during the fourth quarter valued at $63,152,000. Kennedy Capital Management LLC increased its holdings in Columbia Banking System by 1,633.4% in the third quarter. Kennedy Capital Management LLC now owns 1,277,639 shares of the financial services provider’s stock valued at $25,936,000 after buying an additional 1,203,933 shares in the last quarter. American Century Companies Inc. raised its position in shares of Columbia Banking System by 32.5% in the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after acquiring an additional 967,009 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its stake in shares of Columbia Banking System by 3,245.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock worth $23,068,000 after acquiring an additional 838,762 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

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.