Analysts expect Columbia Banking System, Inc. (NASDAQ:COLB) to report sales of $164.60 million for the current fiscal quarter, Zacks reports. Two analysts released earnings estimates for Columbia Banking System, with the highest sales estimate of $167.30 million and the lowest estimate of $161.90 million. Columbia Banking System posted sales of $154.67 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.4%. The company is expected to announce its next quarterly results after the market closes on Wednesday, January 19.
On average, analysts expect Columbia Banking System to report annual sales of $618.50 million for the current fiscal year, with estimates ranging from $618.40 to $618.60 million. For next year, analysts expect the company to register sales of $1.28 billion, with estimates ranging from $1.27 billion to $1.28 billion. Zacks sales averages are an average average based on a survey of analysts who cover Columbia Banking System.
Columbia Banking System (NASDAQ:COLB) last reported quarterly earnings data on Wednesday, October 27. The financial services provider reported EPS of $0.74 for the quarter, beating consensus analyst estimates of $0.71 by $0.03. Columbia Banking System had a return on equity of 9.41% and a net margin of 35.50%. The company posted revenue of $132.54 million in the quarter, versus a consensus estimate of $150.88 million. In the same quarter of the previous year, the company achieved EPS of $0.63. The company’s quarterly revenue increased 13.0% compared to the same quarter last year.
A number of equity research analysts have recently commented on the company. Stephens cut his price target on Columbia Banking System from $40.00 to $32.00 and set an “equal weight” rating for the company in a Wednesday, October 13 research report. Raymond James lowered his price target on Columbia Banking System stock from $43.00 to $40.00 and set an “outperform” rating on the stock in a Monday, Nov. 1 research note. Royal Bank of Canada lowered its price target on Columbia Banking System shares from $42.00 to $38.00 and set an “industry performance” rating on the stock in a Wednesday research note October 13. Zacks Investment Research upgraded shares of Columbia Banking System from a “strong sell” rating to a “hold” rating in a Monday, Jan. 10 research note. Finally, DA Davidson moved shares of Columbia Banking System from a “neutral” rating to a “buy” rating and raised his target price for the stock from $39.00 to $41.00 in a report of research from Wednesday, October 13. Five equity research analysts gave the stock a hold rating and two gave the company a buy rating. According to MarketBeat.com, Columbia Banking System currently has a consensus rating of “Hold” and a consensus target price of $40.14.
NASDAQ:COLB shares opened at $36.95 on Friday. Columbia Banking System has a one-year low of $30.09 and a one-year high of $50.68. The stock has a fifty-day moving average of $34.01 and a 200-day moving average of $35.39. The company has a market capitalization of $2.90 billion, a PE ratio of 12.08 and a beta of 0.75.
Separately, director Tom Hulbert purchased 11,073 shares of the company in a trade on Friday, November 26. The stock was purchased at an average cost of $32.21 per share, for a total transaction of $356,661.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. 0.57% of the shares are held by insiders.
Several hedge funds and other institutional investors have recently increased or reduced their stake in COLB. Envestnet Asset Management Inc. increased its stake in shares of Columbia Banking System by 3.8% in the second quarter. Envestnet Asset Management Inc. now owns 61,887 shares of the financial services provider valued at $2,386,000 after purchasing an additional 2,254 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Columbia Banking System by 24.0% in the second quarter. Rafferty Asset Management LLC now owns 56,994 shares of the financial services provider valued at $2,198,000 after purchasing an additional 11,034 shares during the period. Citigroup Inc. increased its stake in shares of Columbia Banking System by 83.7% in the second quarter. Citigroup Inc. now owns 85,282 shares of the financial services provider valued at $3,288,000 after purchasing an additional 38,866 shares during the period. BNP Paribas Arbitrage SA increased its stake in Columbia Banking System shares by 11.5% in the second quarter. BNP Paribas Arbitrage SA now owns 40,542 shares of the financial services provider valued at $1,563,000 after purchasing an additional 4,171 shares during the period. Finally, CWM Advisors LLC increased its stake in shares of Columbia Banking System by 3.3% in the second quarter. CWM Advisors LLC now owns 12,429 shares of the financial services provider valued at $479,000 after purchasing an additional 398 shares during the period. Institutional investors and hedge funds hold 84.14% of the company’s shares.
Columbia Banking System Company Profile
Columbia Banking System, Inc is a bank holding company that provides financial services. She specializes in the management of individuals, companies and assets. It offers checking and savings accounts; debit and credit cards; digital banking; personal loans; real estate loans; foreign currency; professional bank; finance management; merchant card services; international bank; financial services; private banking; and trust and investment services.
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