Columbia Banking System (NASDAQ:COLB) Trading Up 7.8% Following Earnings Beat

Posted by Defense World Staff on Apr 28th, 2023

Shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get Rating) were up 7.8% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $21.58 and last traded at $21.52. Approximately 344,561 shares were traded during trading, a decline of 87% from the average daily volume of 2,572,665 shares. The stock had previously closed at $19.97.

The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Columbia Banking System had a net margin of 33.55% and a return on equity of 11.87%. The business had revenue of $429.43 million for the quarter, compared to analyst estimates of $441.99 million. During the same quarter last year, the business earned $0.81 earnings per share. The business’s revenue for the quarter was up 39.1% on a year-over-year basis.

Analyst Ratings Changes

A number of research analysts recently commented on COLB shares. Wells Fargo & Company started coverage on shares of Columbia Banking System in a research note on Tuesday, February 28th. They set an “overweight” rating and a $37.00 price objective on the stock. Stephens raised their target price on shares of Columbia Banking System from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, February 6th. Piper Sandler upgraded shares of Columbia Banking System from a “neutral” rating to an “overweight” rating and set a $32.00 target price for the company in a report on Friday, March 17th. Wedbush restated a “neutral” rating on shares of Columbia Banking System in a report on Wednesday, March 29th. Finally, UBS Group initiated coverage on shares of Columbia Banking System in a report on Wednesday, March 15th. They set a “neutral” rating and a $23.00 target price for the company. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $30.13.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New York State Teachers Retirement System boosted its stake in Columbia Banking System by 131.5% in the 1st quarter. New York State Teachers Retirement System now owns 286,864 shares of the financial services provider’s stock worth $6,145,000 after purchasing an additional 162,972 shares during the period. Homestead Advisers Corp acquired a new position in Columbia Banking System in the 1st quarter worth approximately $1,639,000. Simplicity Solutions LLC boosted its stake in shares of Columbia Banking System by 52.7% during the 1st quarter. Simplicity Solutions LLC now owns 19,249 shares of the financial services provider’s stock valued at $412,000 after buying an additional 6,646 shares during the period. Arizona State Retirement System boosted its stake in shares of Columbia Banking System by 171.5% during the 1st quarter. Arizona State Retirement System now owns 60,259 shares of the financial services provider’s stock valued at $1,291,000 after buying an additional 38,066 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Columbia Banking System during the 1st quarter valued at $1,627,000.

Columbia Banking System Stock Up 7.9 %

The business’s 50 day simple moving average is $23.81 and its 200-day simple moving average is $28.72. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 6.73 and a beta of 0.67. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.71.

Columbia Banking System Company Profile

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Columbia Banking System, Inc is a bank holding company, which engages in the provision of financial services. It offers its services to small and medium-sized businesses, professionals, and individuals. It operates through the Washington, Oregon, Idaho, and California geographical segments. The company was founded in 1993 and is headquartered in Tacoma, WA.