Columbia Banking System (COLB) Projected to Post Quarterly Earnings on Thursday

Columbia Banking System (NASDAQ:COLB - Get Free Report) is expected to be releasing its earnings data after the market closes on Thursday, July 24th. Analysts expect Columbia Banking System to post earnings of $0.66 per share and revenue of $492.00 million for the quarter.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The firm had revenue of $481.92 million during the quarter, compared to analyst estimates of $482.86 million. During the same quarter in the prior year, the business posted $0.65 EPS. The business's revenue was up 3.7% compared to the same quarter last year. On average, analysts expect Columbia Banking System to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Columbia Banking System Price Performance

Shares of NASDAQ COLB traded up $0.47 during trading on Thursday, hitting $24.35. The stock had a trading volume of 2,383,993 shares, compared to its average volume of 1,818,869. Columbia Banking System has a 12 month low of $19.61 and a 12 month high of $32.85. The company has a market capitalization of $5.12 billion, a PE ratio of 10.32 and a beta of 0.62. The firm has a fifty day moving average of $23.94 and a two-hundred day moving average of $24.89.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.44 annualized dividend and a dividend yield of 5.91%. Columbia Banking System's payout ratio is 61.02%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on COLB. Keefe, Bruyette & Woods reduced their target price on shares of Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating for the company in a research note on Thursday, April 24th. Wall Street Zen assumed coverage on shares of Columbia Banking System in a research note on Thursday, May 22nd. They issued a "hold" rating for the company. Piper Sandler reduced their price target on shares of Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of Columbia Banking System in a research report on Wednesday, May 21st. They set a "hold" rating and a $27.00 price target for the company. Finally, DA Davidson increased their price target on shares of Columbia Banking System from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, June 10th. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $28.79.

Hedge Funds Weigh In On Columbia Banking System

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COLB. Millennium Management LLC boosted its position in Columbia Banking System by 572.7% during the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider's stock worth $12,089,000 after purchasing an additional 412,674 shares during the period. Goldman Sachs Group Inc. boosted its position in Columbia Banking System by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider's stock worth $12,290,000 after purchasing an additional 108,994 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Columbia Banking System by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider's stock worth $22,128,000 after purchasing an additional 16,165 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Columbia Banking System by 23.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock worth $2,063,000 after purchasing an additional 15,845 shares during the period. Finally, AQR Capital Management LLC boosted its position in Columbia Banking System by 35.4% during the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock worth $1,402,000 after purchasing an additional 14,824 shares during the period. Institutional investors own 92.53% of the company's stock.

About Columbia Banking System

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.