Columbia Banking System (NASDAQ:COLB) Issues Quarterly Earnings Results

Columbia Banking System (NASDAQ:COLB) released its quarterly earnings results on Thursday. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10, Briefing.com reports. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.95%. The business had revenue of $472.15 million for the quarter, compared to the consensus estimate of $476.01 million. During the same period last year, the firm earned $0.81 earnings per share. The company’s quarterly revenue was down 9.8% on a year-over-year basis.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock traded up $2.80 during trading on Friday, hitting $26.99. The stock had a trading volume of 5,077,370 shares, compared to its average volume of 2,308,208. The firm’s fifty day simple moving average is $20.14 and its 200-day simple moving average is $19.88. The stock has a market cap of $5.65 billion, a PE ratio of 11.58 and a beta of 0.66. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.11.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.44 annualized dividend and a dividend yield of 5.34%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on COLB. Royal Bank of Canada increased their price target on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Friday. Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. JPMorgan Chase & Co. reduced their price objective on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Keefe, Bruyette & Woods increased their price objective on shares of Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research note on Friday. Finally, Wedbush raised their target price on shares of Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Columbia Banking System has a consensus rating of “Hold” and a consensus target price of $23.81.

Columbia Banking System Company Profile

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.