Columbia Banking System, Inc. (NASDAQ:COLB) Expected to Post Quarterly Sales of $112.27 Million
Brokerages expect Columbia Banking System, Inc. (NASDAQ:COLB) to post $112.27 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Columbia Banking System’s earnings, with estimates ranging from $112.25 million to $112.30 million. Columbia Banking System posted sales of $104.08 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.9%. The firm is expected to announce its next quarterly earnings results before the market opens on Thursday, July 27th.
On average, analysts expect that Columbia Banking System will report full-year sales of $112.27 million for the current year, with estimates ranging from $504.96 million to $506.10 million. For the next fiscal year, analysts forecast that the firm will report sales of $584.13 million per share, with estimates ranging from $581.80 million to $586.47 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Columbia Banking System.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly 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. The firm had revenue of $111.53 million during the quarter, compared to analyst estimates of $110.72 million. Columbia Banking System had a return on equity of 8.90% and a net margin of 25.82%. During the same period last year, the company earned $0.40 EPS.
Several brokerages have recently issued reports on COLB. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $44.00 price objective on shares of Columbia Banking System in a research note on Friday, June 16th. Royal Bank Of Canada reiterated a “hold” rating and issued a $44.00 price objective on shares of Columbia Banking System in a research note on Tuesday, May 9th. Zacks Investment Research cut Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. DA Davidson upgraded Columbia Banking System from a “neutral” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Thursday, March 16th. Finally, Piper Jaffray Companies reduced their price objective on Columbia Banking System from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $43.80.
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Columbia Banking System (NASDAQ:COLB) opened at 40.70 on Wednesday. The firm’s 50-day moving average price is $38.91 and its 200 day moving average price is $40.09. Columbia Banking System has a 12-month low of $26.21 and a 12-month high of $45.68. The stock has a market capitalization of $2.37 billion, a P/E ratio of 20.98 and a beta of 1.22.
In related news, CFO Clint Stein sold 8,000 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $40.09, for a total value of $320,720.00. Following the transaction, the chief financial officer now owns 22,877 shares of the company’s stock, valued at $917,138.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.23% of the company’s stock.
A number of institutional investors have recently bought and sold shares of COLB. Copper Rock Capital Partners LLC raised its position in Columbia Banking System by 1.7% in the first quarter. Copper Rock Capital Partners LLC now owns 1,174,022 shares of the financial services provider’s stock valued at $46,186,000 after buying an additional 19,896 shares during the period. Teachers Advisors LLC raised its position in shares of Columbia Banking System by 19.1% in the fourth quarter. Teachers Advisors LLC now owns 364,744 shares of the financial services provider’s stock valued at $16,297,000 after buying an additional 58,452 shares during the last quarter. Norges Bank purchased a new position in shares of Columbia Banking System during the fourth quarter valued at about $18,717,000. Barings LLC purchased a new position in shares of Columbia Banking System during the fourth quarter valued at about $340,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of Columbia Banking System by 8.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,389 shares of the financial services provider’s stock valued at $509,000 after buying an additional 915 shares during the last quarter. 94.87% of the stock is currently owned by hedge funds and other institutional investors.
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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