Piper Sandler comments on Columbia Banking System, Inc.’s earnings for the third quarter of 2023 (NASDAQ: COLB)


Columbia Banking System, Inc. (NASDAQ: COLB) – Analysts at Piper Sandler lowered their estimates of third quarter 2023 earnings per share (EPS) for Columbia Banking System in a research note released Thursday, December 16. Piper Sandler analyst Mr. Clark now predicts the financial services provider will earn $ 0.82 per share for the quarter, down from its previous forecast of $ 0.83. Columbia Banking System (NASDAQ: COLB) last reported its quarterly results on Wednesday, October 27. The financial services provider reported earnings per share (EPS) of $ 0.74 for the quarter, beating the Zacks consensus estimate of $ 0.71 by $ 0.03. The company posted revenue of $ 132.54 million in the quarter, compared to the consensus estimate of $ 150.88 million. Columbia Banking System had a net margin of 35.50% and a return on equity of 9.41%. The company’s turnover is up 13.0% compared to the same quarter last year. In the same quarter of last year, the company posted $ 0.63 in EPS.

COLB has been the subject of a number of other reports. Zacks investment research reduced Columbia Banking System shares from a “buy” note to a “keep” note in a research note on Monday, October 11. DA Davidson downgraded Columbia Banking System shares from a “neutral” to a “buy” rating and raised his price target for the company from $ 39 to $ 41.00 in a research note on Wednesday 13 October. Stephens lowered his Columbia Banking System stock price target from $ 40.00 to $ 32.00 and set an “equal weight” rating on the stock in a Wednesday October 13th research note. Raymond James lowered his Columbia Banking System stock price target from $ 43.00 to $ 40.00 and established an “outperformance” rating on the stock in a research note on Monday, November 1. Finally, the Royal Bank of Canada lowered its price target on Columbia Banking System shares from $ 42.00 to $ 38.00 and established a “sector performance” rating on the stock in a research note from the. Wednesday 13 October. Five analysts rated the stock with a conservation rating and two gave the company a buy rating. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $ 40.14.

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Actions of NASDAQ COLB opened for $ 32.65 on Friday. The stock has a market cap of $ 2.56 billion, a price-to-earnings ratio of 10.67 and a beta of 0.76. Columbia Banking System has a 52 week low of $ 31.95 and a 52 week high of $ 50.68. The company’s 50-day mobile average price is $ 35.29, and its 200-day mobile average price is $ 36.59.

Several hedge funds have recently changed their positions in COLB. Alliancebernstein LP increased its equity stake in Columbia Banking System by 5.2% in the second quarter. Alliancebernstein LP now owns 123,146 shares of the financial services provider valued at $ 4,749,000 after acquiring an additional 6,121 shares during the period. Fisher Asset Management LLC increased its stake in Columbia Banking System by 15.3% in the second quarter. Fisher Asset Management LLC now owns 28,053 shares of the financial services provider valued at $ 1,082,000 after purchasing an additional 3,723 shares during the period. Victory Capital Management Inc. increased its stake in Columbia Banking System shares by 8.7% during the second quarter. Victory Capital Management Inc. now owns 2,331,325 shares of the financial services provider valued at $ 89,896,000 after purchasing an additional 187,200 shares during the period. Handelsbanken Fonder AB increased its stake in Columbia Banking System shares by 15.8% in the second quarter. Handelsbanken Fonder AB now owns 16,088 shares of the financial services provider valued at $ 620,000 after purchasing an additional 2,200 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Columbia Banking System shares by 3.8% during 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. Institutional investors and hedge funds hold 90.24% of the company’s shares.

Meanwhile, director Tom Hulbert acquired 11,073 shares in the company in a transaction dated Friday, November 26. The shares were acquired at an average cost of $ 32.21 per share, for a total transaction of $ 356,661.33. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.57% of the company’s shares.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 27. Shareholders of record on Tuesday, October 12, received a dividend of $ 0.30 per share. The ex-dividend date of this dividend was Monday, October 11. This represents an annualized dividend of $ 1.20 and a dividend yield of 3.68%. Columbia Banking System’s payout ratio is currently 39.22%.

Columbia Banking System Company Profile

Columbia Banking System, Inc. is a banking holding company that provides financial services. She specializes in the management of individuals, businesses and assets. It offers checking and savings accounts; debit and credit cards; digital bank; 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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History and earnings estimates for Columbia Banking System (NASDAQ: COLB)

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