Zacks: Brokerages Expect Columbia Banking System Inc (NASDAQ:COLB) to Announce $0.42 EPS

Analysts expect that Columbia Banking System Inc (NASDAQ:COLB) will announce $0.42 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Columbia Banking System’s earnings, with estimates ranging from $0.36 to $0.52. Columbia Banking System posted earnings per share of $0.70 in the same quarter last year, which would suggest a negative year-over-year growth rate of 40%. The business is expected to report its next earnings results on Thursday, October 22nd.

According to Zacks, analysts expect that Columbia Banking System will report full year earnings of $1.62 per share for the current fiscal year, with EPS estimates ranging from $1.50 to $1.78. For the next year, analysts forecast that the company will post earnings of $1.76 per share, with EPS estimates ranging from $1.65 to $1.93. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that follow Columbia Banking System.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.27. Columbia Banking System had a net margin of 23.46% and a return on equity of 6.72%. The business had revenue of $159.11 million for the quarter, compared to the consensus estimate of $143.60 million. During the same period last year, the firm earned $0.71 earnings per share.

Several analysts have issued reports on COLB shares. BidaskClub lowered Columbia Banking System from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 2nd. Raymond James reiterated a “hold” rating on shares of Columbia Banking System in a research note on Friday, September 18th. Piper Sandler began coverage on shares of Columbia Banking System in a research note on Tuesday, June 16th. They set a “buy” rating and a $35.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $36.75.

Columbia Banking System stock traded up $0.04 during trading on Friday, reaching $23.09. The company had a trading volume of 236,995 shares, compared to its average volume of 416,574. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 11.21 and a beta of 0.94. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The firm’s 50-day simple moving average is $27.66 and its 200 day simple moving average is $26.68. Columbia Banking System has a 52 week low of $19.11 and a 52 week high of $41.40.

In other Columbia Banking System news, EVP Andy Mcdonald sold 3,073 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $30.90, for a total value of $94,955.70. Following the completion of the transaction, the executive vice president now directly owns 39,813 shares in the company, valued at approximately $1,230,221.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.62% of the company’s stock.

A number of hedge funds have recently made changes to their positions in COLB. PNC Financial Services Group Inc. grew its position in shares of Columbia Banking System by 18.9% during the second quarter. PNC Financial Services Group Inc. now owns 12,326 shares of the financial services provider’s stock valued at $350,000 after purchasing an additional 1,963 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Columbia Banking System in the second quarter worth about $394,000. Charles Schwab Investment Management Inc. boosted its stake in Columbia Banking System by 2.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 597,723 shares of the financial services provider’s stock valued at $16,943,000 after buying an additional 12,446 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Columbia Banking System by 46.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 60,868 shares of the financial services provider’s stock valued at $1,725,000 after buying an additional 19,216 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Columbia Banking System by 38.9% in the 2nd quarter. Sei Investments Co. now owns 95,146 shares of the financial services provider’s stock worth $2,697,000 after acquiring an additional 26,643 shares during the last quarter. Institutional investors and hedge funds own 92.11% of the company’s stock.

Columbia Banking System Company Profile

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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