Columbia Banking System (NASDAQ:COLB) Issues Earnings Results

Columbia Banking System (NASDAQ:COLB) issued its earnings results on Thursday. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.07, RTT News reports. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. During the same quarter in the prior year, the firm posted $0.79 earnings per share.

Columbia Banking System Stock Down 1.3 %

Shares of Columbia Banking System stock opened at $27.90 on Friday. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 11.97 and a beta of 0.64. The stock’s 50-day simple moving average is $25.49 and its 200-day simple moving average is $22.24. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.62.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on COLB shares. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Barclays boosted their price objective on shares of Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday. Raymond James raised their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Truist Financial dropped their price target on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.96.

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.