Wedbush Analysts Cut Earnings Estimates for Columbia Banking System, Inc. (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Equities research analysts at Wedbush lowered their Q3 2024 earnings estimates for Columbia Banking System in a report released on Friday, July 26th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.57 for the quarter, down from their previous estimate of $0.58. Wedbush has a “Neutral” rating and a $25.00 price target on the stock. The consensus estimate for Columbia Banking System’s current full-year earnings is $2.45 per share. Wedbush also issued estimates for Columbia Banking System’s FY2024 earnings at $2.50 EPS.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The business’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share.

A number of other analysts have also issued reports on COLB. Piper Sandler reiterated an “overweight” rating and set a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. Stephens lifted their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price target on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods lifted their price target on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company lifted their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.04.

Columbia Banking System Stock Up 0.5 %

COLB opened at $26.26 on Monday. The firm has a market capitalization of $5.50 billion, a P/E ratio of 11.27 and a beta of 0.66. The firm’s 50 day moving average is $20.38 and its 200-day moving average is $19.81. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11.

Hedge Funds Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently modified their holdings of COLB. Norges Bank acquired a new position in shares of Columbia Banking System during the fourth quarter valued at $63,152,000. Public Employees Retirement Association of Colorado raised its stake in shares of Columbia Banking System by 3,245.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after purchasing an additional 838,762 shares in the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Columbia Banking System by 21.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after purchasing an additional 788,383 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Columbia Banking System by 9.9% during the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock valued at $207,809,000 after purchasing an additional 700,643 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Columbia Banking System by 16.2% during the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after purchasing an additional 637,212 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.48%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 61.80%.

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.