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

Columbia Banking System (NASDAQ:COLB) issued its quarterly earnings results on Thursday. The financial services provider reported $0.67 EPS 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 firm had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. During the same period in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was down 9.8% on a year-over-year basis.

Columbia Banking System Stock Up 11.6 %

Shares of Columbia Banking System stock opened at $26.99 on Friday. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 11.58 and a beta of 0.66. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The company has a 50-day simple moving average of $20.14 and a two-hundred day simple moving average of $19.84.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 24th were paid a $0.36 dividend. The ex-dividend date 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 Analyst Weigh In

COLB has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 5th. Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday. StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Stephens upped their target price on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a report on Friday. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target 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.