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

Columbia Banking System (NASDAQ:COLB) issued its earnings results 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. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The business had revenue of $472.15 million during the quarter, compared to the consensus estimate of $476.01 million. During the same period last year, the business posted $0.81 EPS. Columbia Banking System’s revenue was down 9.8% on a year-over-year basis.

Columbia Banking System Stock Performance

Columbia Banking System stock traded up $2.80 during midday trading on Friday, reaching $26.99. 5,077,370 shares of the stock were exchanged, compared to its average volume of 2,546,200. The company’s fifty day moving average is $20.14 and its 200-day moving average is $19.88. The firm has a market cap of $5.65 billion, a PE ratio of 11.58 and a beta of 0.66. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11.

Columbia Banking System Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price on shares of Columbia Banking System in a research note on Wednesday, June 5th. 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. Keefe, Bruyette & Woods raised their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday. Stephens increased their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Wedbush increased their price target on shares of Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a report on Friday. Twelve research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Columbia Banking System presently has a consensus rating of “Hold” and a consensus target price of $23.81.

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.