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

Columbia Banking System (NASDAQ:COLB) released its quarterly earnings data on Thursday. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05, FiscalAI reports. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $702.00 million during the quarter, compared to the consensus estimate of $687.74 million.

Columbia Banking System Trading Up 2.4%

Shares of Columbia Banking System stock traded up $0.69 during mid-day trading on Thursday, hitting $29.89. 3,372,977 shares of the stock were exchanged, compared to its average volume of 2,880,374. Columbia Banking System has a twelve month low of $24.75 and a twelve month high of $33.67. The company has a 50-day simple moving average of $29.77 and a 200 day simple moving average of $30.22. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 0.84 and a beta of 0.66.

Columbia Banking System Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Friday, August 28th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, August 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.0%. Columbia Banking System’s dividend payout ratio (DPR) is presently 58.96%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on COLB shares. Zacks Research raised Columbia Banking System from a “strong sell” rating to a “hold” rating in a research report on Monday, August 31st. Deutsche Bank Aktiengesellschaft started coverage on Columbia Banking System in a research note on Tuesday, October 13th. They issued a “hold” rating and a $32.00 target price on the stock. Citigroup dropped their target price on Columbia Banking System from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, September 22nd. Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Finally, Barclays upped their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Monday, October 5th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Columbia Banking System has a consensus rating of “Hold” and a consensus target price of $33.23.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.

Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.

Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.