Columbia Banking System (NASDAQ:COLB) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Columbia Banking System (NASDAQ:COLB) announced its quarterly earnings data on Thursday. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10, Briefing.com reports. The company had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business’s revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 EPS.

Columbia Banking System Stock Up 11.6 %

COLB stock traded up $2.80 during trading hours on Friday, hitting $26.99. The company’s stock had a trading volume of 5,077,370 shares, compared to its average volume of 2,546,200. The company has a market capitalization 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. The stock has a 50 day moving average price of $20.14 and a two-hundred day moving average price of $19.88.

Columbia Banking System Announces Dividend

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

Analyst Ratings Changes

Several brokerages have recently issued reports on COLB. Barclays lifted their price objective on shares of Columbia Banking System from $21.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday. JPMorgan Chase & Co. decreased their target price on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Stephens raised 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. Wedbush raised their target price on shares of Columbia Banking System from $20.00 to $25.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price on shares of Columbia Banking System in a report on Wednesday, June 5th. Twelve analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average 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.