Key Points
- Director Steven Gardner sold 10,522 Columbia Banking System shares at an average price of $31.23, generating $328,602 and reducing his holdings by 80.33% to 2,577 shares.
- Columbia Banking System reported quarterly earnings of $0.82 per share, beating estimates by $0.05, while revenue rose 19.4% year over year to $702 million. Shares opened at $30.70, with the stock down 1.0%.
- The company pays a quarterly dividend of $0.37, equivalent to a 4.8% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $33.46.
Columbia Banking System, Inc. (NASDAQ:COLB - Get Free Report) Director Steven Gardner sold 10,522 shares of the business's stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $31.23, for a total transaction of $328,602.06. Following the sale, the director owned 2,577 shares of the company's stock, valued at $80,479.71. This trade represents a 80.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.
Columbia Banking System Stock Down 1.0%
Shares of Columbia Banking System stock opened at $30.70 on Friday. Columbia Banking System, Inc. has a 52 week low of $25.12 and a 52 week high of $33.67. The business has a 50 day moving average price of $29.63 and a 200-day moving average price of $29.87. The company has a market cap of $8.69 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 0.88 and a beta of 0.66.
Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. Columbia Banking System had a net margin of 22.83% and a return on equity of 11.93%. The company had revenue of $702.00 million for the quarter, compared to analyst estimates of $687.74 million. During the same period last year, the firm earned $0.85 earnings per share. The firm's revenue was up 19.4% on a year-over-year basis. As a group, research analysts anticipate that Columbia Banking System, Inc. will post 3.07 EPS for the current year.
Columbia Banking System Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were paid a $0.37 dividend. The ex-dividend date was Friday, August 28th. This represents a $1.48 annualized dividend and a yield of 4.8%. Columbia Banking System's dividend payout ratio (DPR) is 51.21%.
Institutional Trading of Columbia Banking System
Several hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Columbia Banking System during the 2nd quarter worth approximately $29,000. Cedar Mountain Advisors LLC grew its holdings in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after purchasing an additional 949 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Columbia Banking System in the second quarter worth approximately $31,000. Root Financial Partners LLC purchased a new position in shares of Columbia Banking System in the third quarter worth $34,000. Finally, Elevation Wealth Partners LLC increased its stake in shares of Columbia Banking System by 213.7% in the third quarter. Elevation Wealth Partners LLC now owns 1,352 shares of the financial services provider's stock worth $39,000 after buying an additional 921 shares during the period. Institutional investors own 92.53% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on COLB shares. Royal Bank Of Canada upped their target price on Columbia Banking System from $32.00 to $34.00 and gave the company a "sector perform" rating in a report on Friday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on Columbia Banking System in a report on Tuesday, October 13th. They set a "hold" rating and a $32.00 price target on the stock. Stephens lifted their price target on Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Keefe, Bruyette & Woods boosted their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Finally, Zacks Research upgraded Columbia Banking System from a "strong sell" rating to a "hold" rating in a research note on Monday, August 31st. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $33.46.
Read Our Latest Stock Analysis on Columbia Banking System
About Columbia Banking System
(
Get Free Report)
Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.
Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.
Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
