Analysts Expect Columbia Banking System Inc (COLB) Will Post Quarterly Sales of $112.09 Million
Wall Street analysts forecast that Columbia Banking System Inc (NASDAQ:COLB) will post $112.09 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Columbia Banking System’s earnings. The lowest sales estimate is $111.88 million and the highest is $112.3 million. Columbia Banking System posted sales of $104.08 million during the same quarter last year, which suggests a positive year over year growth rate of 7.7%. The company is expected to issue its next quarterly earnings report on Thursday, July 27th.
On average, analysts expect that Columbia Banking System will report full year sales of $112.09 million for the current year, with estimates ranging from $504.17 million to $506.1 million. For the next fiscal year, analysts expect that the business will report sales of $583.86 million per share, with estimates ranging from $581.8 million to $585.92 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Columbia Banking System.
Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 27th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.50. Columbia Banking System had a return on equity of 8.44% and a net margin of 24.61%. The firm had revenue of $111.53 million for the quarter, compared to analysts’ expectations of $110.72 million. During the same quarter last year, the business earned $0.40 earnings per share.
Several brokerages recently commented on COLB. Royal Bank of Canada restated a “hold” rating and set a $44.00 target price on shares of Columbia Banking System in a research report on Tuesday. Zacks Investment Research lowered Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Tuesday, March 14th. DA Davidson upgraded Columbia Banking System from a “neutral” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Thursday, March 16th. Finally, Piper Jaffray Companies cut their target price on Columbia Banking System from $43.00 to $41.00 and set a “neutral” rating on the stock in a research report on Monday, April 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $41.20.
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In other Columbia Banking System news, CAO Barry Ray sold 981 shares of the stock in a transaction that occurred on Friday, March 10th. The stock was sold at an average price of $39.42, for a total value of $38,671.02. Following the transaction, the chief accounting officer now owns 12,000 shares in the company, valued at $473,040. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.07% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in COLB. Yorktown Management & Research Co Inc purchased a new position in shares of Columbia Banking System during the third quarter valued at about $203,000. Channing Capital Management LLC raised its position in shares of Columbia Banking System by 0.5% in the third quarter. Channing Capital Management LLC now owns 1,433,927 shares of the financial services provider’s stock valued at $46,918,000 after buying an additional 7,777 shares during the last quarter. BlackRock Advisors LLC raised its position in shares of Columbia Banking System by 11.1% in the third quarter. BlackRock Advisors LLC now owns 30,425 shares of the financial services provider’s stock valued at $996,000 after buying an additional 3,044 shares during the last quarter. BlackRock Inc. raised its position in shares of Columbia Banking System by 4.3% in the third quarter. BlackRock Inc. now owns 16,380 shares of the financial services provider’s stock valued at $536,000 after buying an additional 682 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Columbia Banking System by 5.2% in the third quarter. Rhumbline Advisers now owns 116,857 shares of the financial services provider’s stock valued at $3,824,000 after buying an additional 5,725 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.
Columbia Banking System (NASDAQ:COLB) opened at 39.03 on Friday. The firm’s 50-day moving average price is $38.85 and its 200-day moving average price is $39.71. The company has a market cap of $2.28 billion, a PE ratio of 20.12 and a beta of 1.32. Columbia Banking System has a one year low of $26.17 and a one year high of $45.68.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 24th. Shareholders of record on Wednesday, May 10th will be issued a $0.22 dividend. The ex-dividend date is Monday, May 8th. This represents a $0.88 annualized dividend and a yield of 2.25%. Columbia Banking System’s payout ratio is currently 48.62%.
About Columbia Banking System
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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