Q1 2024 Earnings Forecast for Columbia Banking System, Inc. (NASDAQ:COLB) Issued By Wedbush

Columbia Banking System, Inc. (NASDAQ:COLB) – Equities researchers at Wedbush reduced their Q1 2024 earnings per share estimates for Columbia Banking System in a research note issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $0.53 per share for the quarter, down from their prior forecast of $0.64. Wedbush currently has a “Neutral” rating and a $24.00 target price on the stock. The consensus estimate for Columbia Banking System’s current full-year earnings is $2.32 per share. Wedbush also issued estimates for Columbia Banking System’s Q2 2024 earnings at $0.55 EPS, Q3 2024 earnings at $0.60 EPS, FY2024 earnings at $2.35 EPS, Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.65 EPS and Q4 2025 earnings at $0.64 EPS.

Several other research analysts have also weighed in on the company. Keefe, Bruyette & Woods lowered Columbia Banking System from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $30.00 to $25.00 in a research report on Thursday, January 25th. StockNews.com lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, March 12th. Piper Sandler dropped their price target on Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. Barclays assumed coverage on Columbia Banking System in a research note on Friday, March 8th. They issued an “equal weight” rating and a $20.00 target price on the stock. Finally, TheStreet downgraded Columbia Banking System from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.04.

Columbia Banking System Trading Up 4.0 %

NASDAQ:COLB opened at $19.10 on Thursday. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 11.58 and a beta of 0.70. Columbia Banking System has a 1-year low of $17.18 and a 1-year high of $28.11. The business’s fifty day moving average price is $19.48 and its 200 day moving average price is $21.37.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). The company had revenue of $519.16 million for the quarter, compared to analyst estimates of $525.94 million. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. The firm’s revenue for the quarter was up 52.5% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.54%. Columbia Banking System’s payout ratio is presently 87.27%.

Insider Transactions at Columbia Banking System

In other Columbia Banking System news, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, for a total transaction of $49,618.80. Following the transaction, the director now directly owns 25,001 shares in the company, valued at $462,018.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Columbia Banking System news, Director Elizabeth Whitehead Seaton purchased 2,685 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, for a total transaction of $49,618.80. Following the transaction, the director now directly owns 25,001 shares in the company, valued at $462,018.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ron L. Farnsworth purchased 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were acquired at an average price of $20.71 per share, for a total transaction of $51,775.00. Following the completion of the transaction, the chief financial officer now owns 160,073 shares in the company, valued at $3,315,111.83. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 35,133 shares of company stock valued at $719,737. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of COLB. Raymond James Financial Services Advisors Inc. bought a new position in Columbia Banking System in the 1st quarter valued at $484,000. PNC Financial Services Group Inc. boosted its position in shares of Columbia Banking System by 26.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,310 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 1,120 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Columbia Banking System by 2.7% in the 1st quarter. Bank of Montreal Can now owns 23,253 shares of the financial services provider’s stock worth $790,000 after purchasing an additional 620 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Columbia Banking System by 56.3% in the 1st quarter. MetLife Investment Management LLC now owns 42,283 shares of the financial services provider’s stock worth $1,364,000 after purchasing an additional 15,237 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Columbia Banking System by 3.4% in the 1st quarter. Rhumbline Advisers now owns 232,909 shares of the financial services provider’s stock worth $7,516,000 after purchasing an additional 7,638 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.