Columbia Banking System (NASDAQ:COLB) Posts Earnings Results, Beats Expectations By $0.06 EPS

Columbia Banking System (NASDAQ:COLB) posted its quarterly earnings data on Thursday. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06, Zacks reports. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%.

Columbia Banking System Price Performance

COLB traded down $0.62 on Thursday, hitting $28.15. The company had a trading volume of 2,152,086 shares, compared to its average volume of 1,456,832. The stock has a fifty day simple moving average of $28.90 and a 200-day simple moving average of $26.63. The firm has a market capitalization of $5.90 billion, a P/E ratio of 12.19 and a beta of 0.67. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $32.85.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend was Friday, November 29th. Columbia Banking System’s dividend payout ratio is currently 62.34%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Columbia Banking System from $29.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. StockNews.com raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. UBS Group initiated coverage on shares of Columbia Banking System in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Wells Fargo & Company raised shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $33.00 to $35.00 in a research note on Monday, January 6th. Finally, Truist Financial boosted 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 note on Monday, October 28th. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.31.

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.