Wall Street brokerages expect Columbia Banking System Inc (NASDAQ:COLB) to post $147.85 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Columbia Banking System’s earnings. The highest sales estimate is $148.20 million and the lowest is $147.40 million. Columbia Banking System reported sales of $138.62 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 6.7%. The firm is scheduled to announce its next earnings report on Thursday, April 25th.
According to Zacks, analysts expect that Columbia Banking System will report full-year sales of $599.88 million for the current year, with estimates ranging from $594.33 million to $605.80 million. For the next financial year, analysts forecast that the company will report sales of $626.99 million, with estimates ranging from $619.88 million to $634.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Columbia Banking System.
Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, January 24th. The financial services provider reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.06). Columbia Banking System had a net margin of 29.54% and a return on equity of 9.01%. The company had revenue of $144.29 million during the quarter, compared to the consensus estimate of $148.88 million. During the same period last year, the firm posted $0.54 EPS. The company’s revenue was up 11.2% on a year-over-year basis.
COLB has been the subject of a number of recent research reports. ValuEngine lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Thursday, February 14th. BidaskClub lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Stephens initiated coverage on Columbia Banking System in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $39.00 target price for the company. DA Davidson lowered Columbia Banking System from a “buy” rating to a “neutral” rating and lowered their target price for the company from $42.00 to $38.00 in a research note on Monday, March 18th. Finally, Zacks Investment Research raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Friday, March 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $42.33.
In related news, COO Clint Stein sold 657 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $38.32, for a total transaction of $25,176.24. Following the transaction, the chief operating officer now owns 24,644 shares in the company, valued at approximately $944,358.08. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.06% of the company’s stock.
A number of large investors have recently made changes to their positions in COLB. Toronto Dominion Bank purchased a new position in Columbia Banking System during the 4th quarter valued at about $25,000. Oregon Public Employees Retirement Fund purchased a new position in Columbia Banking System during the 4th quarter valued at about $28,000. Advisors Preferred LLC purchased a new position in Columbia Banking System during the 4th quarter valued at about $31,000. Advisor Group Inc. increased its holdings in Columbia Banking System by 9.2% during the 4th quarter. Advisor Group Inc. now owns 3,645 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 307 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Columbia Banking System by 18.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,896 shares of the financial services provider’s stock valued at $179,000 after purchasing an additional 757 shares during the period. Institutional investors own 91.40% of the company’s stock.
NASDAQ COLB opened at $34.57 on Tuesday. Columbia Banking System has a 1-year low of $30.65 and a 1-year high of $45.22. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $2.52 billion, a PE ratio of 14.00, a P/E/G ratio of 1.94 and a beta of 0.98.
About Columbia Banking System
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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