Columbia Banking System (NASDAQ:COLB) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

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

Columbia Banking System Stock Performance

COLB stock traded up $0.69 on Thursday, reaching $29.89. The company had a trading volume of 3,372,927 shares, compared to its average volume of 2,880,373. Columbia Banking System has a 1 year low of $24.75 and a 1 year high of $33.67. The company’s fifty day moving average is $29.77 and its 200 day moving average is $30.22. The company has a market cap of $8.46 billion, a P/E ratio of 11.91, a PEG ratio of 0.84 and a beta of 0.66.

Columbia Banking System Dividend Announcement

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

Wall Street Analyst Weigh In

COLB has been the topic of a number of research analyst reports. Wells Fargo & Company decreased their target price on Columbia Banking System from $34.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 30th. JPMorgan Chase & Co. dropped their price target on Columbia Banking System from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, October 1st. Stephens lifted their price target on Columbia Banking System from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Royal Bank Of Canada decreased their price objective on shares of Columbia Banking System from $35.00 to $32.00 and set a “sector perform” rating on the stock in a research report on Friday, October 9th. Finally, Weiss Ratings raised shares of Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $33.23.

Columbia Banking System Company Profile

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.