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

Columbia Banking System (NASDAQ:COLB) issued its quarterly earnings data on Thursday. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $476.01 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. Columbia Banking System’s revenue was down 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share.

Columbia Banking System Stock Performance

NASDAQ COLB traded up $2.80 on Friday, reaching $26.99. 5,077,370 shares of the company’s stock traded hands, compared to its average volume of 2,546,200. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 11.27 and a beta of 0.66. The stock has a 50 day moving average price of $20.01 and a 200-day moving average price of $19.87. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.11.

Columbia Banking System Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered 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 research note on Thursday, June 27th. Wedbush raised their target price on shares of Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday. Barclays raised their target price on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada raised their target price on shares of Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a research note on Friday. Finally, Piper Sandler restated an “overweight” rating and issued a $27.00 target price on shares of Columbia Banking System in a research note on Wednesday, June 5th. Twelve analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus 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.