Zacks: Analysts Anticipate Columbia Banking System Inc (COLB) Will Announce Quarterly Sales of $143.24 Million

Wall Street analysts expect that Columbia Banking System Inc (NASDAQ:COLB) will report $143.24 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Columbia Banking System’s earnings, with estimates ranging from $141.30 million to $146.00 million. Columbia Banking System reported sales of $126.00 million during the same quarter last year, which indicates a positive year over year growth rate of 13.7%. The company is scheduled to report its next earnings results before the market opens on Thursday, October 25th.

On average, analysts expect that Columbia Banking System will report full-year sales of $569.31 million for the current year, with estimates ranging from $563.90 million to $578.20 million. For the next financial year, analysts expect that the business will report sales of $608.17 million, with estimates ranging from $598.50 million to $624.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Columbia Banking System.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). Columbia Banking System had a return on equity of 9.13% and a net margin of 25.30%. The firm had revenue of $140.37 million during the quarter, compared to analyst estimates of $143.03 million. During the same quarter in the prior year, the company posted $0.47 EPS.

A number of research firms recently commented on COLB. Zacks Investment Research upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a report on Friday, September 7th. BidaskClub upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, July 21st. Finally, ValuEngine downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $48.20.

In other Columbia Banking System news, EVP David C. Lawson sold 1,813 shares of the stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $41.88, for a total transaction of $75,928.44. Following the transaction, the executive vice president now owns 15,460 shares in the company, valued at $647,464.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.06% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of Columbia Banking System by 7.0% in the second quarter. BlackRock Inc. now owns 10,136,738 shares of the financial services provider’s stock valued at $414,593,000 after acquiring an additional 661,781 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Columbia Banking System by 76.4% in the first quarter. The Manufacturers Life Insurance Company now owns 936,964 shares of the financial services provider’s stock valued at $39,305,000 after acquiring an additional 405,659 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Columbia Banking System by 36.6% in the first quarter. JPMorgan Chase & Co. now owns 522,681 shares of the financial services provider’s stock valued at $21,927,000 after acquiring an additional 139,938 shares during the period. Eagle Asset Management Inc. boosted its position in shares of Columbia Banking System by 48.8% in the second quarter. Eagle Asset Management Inc. now owns 407,967 shares of the financial services provider’s stock valued at $16,685,000 after acquiring an additional 133,704 shares during the period. Finally, Cortina Asset Management LLC boosted its position in shares of Columbia Banking System by 19.6% in the second quarter. Cortina Asset Management LLC now owns 375,702 shares of the financial services provider’s stock valued at $15,366,000 after acquiring an additional 61,649 shares during the period. Institutional investors own 90.47% of the company’s stock.

NASDAQ:COLB traded down $0.04 during mid-day trading on Friday, reaching $37.22. The stock had a trading volume of 309,443 shares, compared to its average volume of 282,297. Columbia Banking System has a fifty-two week low of $35.85 and a fifty-two week high of $48.06. The company has a market capitalization of $2.84 billion, a P/E ratio of 16.89, a P/E/G ratio of 1.55 and a beta of 1.09. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.83 and a current ratio of 0.83.

About Columbia Banking System

Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.

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