DA Davidson Comments on Columbia Banking System, Inc.’s Q3 2017 Earnings (NASDAQ:COLB)
Columbia Banking System, Inc. (NASDAQ:COLB) – Research analysts at DA Davidson decreased their Q3 2017 earnings per share estimates for shares of Columbia Banking System in a note issued to investors on Friday. DA Davidson analyst J. Rulis now forecasts that the financial services provider will post earnings per share of $0.48 for the quarter, down from their prior estimate of $0.52.
Other equities research analysts have also issued research reports about the stock. Piper Jaffray Companies cut their target price on shares of 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. Royal Bank Of Canada reaffirmed a “hold” rating and set a $42.00 price objective on shares of Columbia Banking System in a research report on Friday. Zacks Investment Research raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Wednesday, July 26th. BidaskClub downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 price objective on shares of Columbia Banking System in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Columbia Banking System presently has a consensus rating of “Hold” and a consensus target price of $43.40.
Columbia Banking System (NASDAQ COLB) opened at 38.40 on Monday. The company’s 50 day moving average price is $39.72 and its 200-day moving average price is $39.45. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 19.79 and a beta of 1.22. Columbia Banking System has a 12-month low of $28.51 and a 12-month high of $45.68.
Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.01. Columbia Banking System had a return on equity of 8.99% and a net margin of 25.82%. The company had revenue of $110.30 million for the quarter, compared to analysts’ expectations of $112.27 million. During the same period in the prior year, the business earned $0.44 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Monday, August 7th. Columbia Banking System’s dividend payout ratio is presently 44.67%.
In related news, CFO Clint Stein sold 8,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $40.09, for a total transaction of $320,720.00. Following the completion of the sale, the chief financial officer now owns 22,877 shares of the company’s stock, valued at approximately $917,138.93. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.23% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of COLB. BlackRock Inc. boosted its position in Columbia Banking System by 49,309.5% in the first quarter. BlackRock Inc. now owns 7,207,371 shares of the financial services provider’s stock valued at $281,015,000 after buying an additional 7,192,784 shares during the period. State Street Corp boosted its position in Columbia Banking System by 74.9% in the first quarter. State Street Corp now owns 2,754,433 shares of the financial services provider’s stock valued at $107,399,000 after buying an additional 1,179,254 shares during the period. Neuberger Berman Group LLC boosted its position in Columbia Banking System by 109.9% in the first quarter. Neuberger Berman Group LLC now owns 1,302,419 shares of the financial services provider’s stock valued at $50,781,000 after buying an additional 681,910 shares during the period. Norges Bank purchased a new position in Columbia Banking System during the fourth quarter valued at approximately $18,717,000. Finally, Tributary Capital Management LLC purchased a new position in Columbia Banking System during the second quarter valued at approximately $12,655,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.
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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