Columbia Banking System, Inc. (NASDAQ:COLB) to Issue Quarterly Dividend of $0.36

Columbia Banking System, Inc. (NASDAQ:COLB) declared a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Investors of record on Friday, November 29th will be paid a dividend of 0.36 per share by the financial services provider on Monday, December 16th. This represents a $1.44 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date is Friday, November 29th.

Columbia Banking System has raised its dividend by an average of 7.2% per year over the last three years. Columbia Banking System has a payout ratio of 53.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Columbia Banking System to earn $2.72 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 52.9%.

Columbia Banking System Stock Down 0.3 %

Shares of Columbia Banking System stock opened at $31.62 on Thursday. The company has a market cap of $6.63 billion, a price-to-earnings ratio of 13.69 and a beta of 0.62. The company’s 50 day moving average is $28.07 and its 200 day moving average is $24.00. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $32.85.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The company had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same quarter in the prior year, the firm earned $0.79 earnings per share. Sell-side analysts expect that Columbia Banking System will post 2.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on COLB. Raymond James increased their price target on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. decreased their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Truist Financial increased their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, October 28th. Finally, Wedbush increased their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $27.12.

About Columbia Banking System

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.