Columbia Banking System (NASDAQ:COLB) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Columbia Banking System (NASDAQ:COLB) posted its quarterly earnings data on Thursday. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.07, RTT News reports. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The business had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. During the same quarter in the prior year, the business posted $0.79 earnings per share.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB traded down $0.37 during midday trading on Friday, reaching $27.90. The company’s stock had a trading volume of 1,833,843 shares, compared to its average volume of 2,307,170. The firm has a 50 day moving average price of $25.49 and a two-hundred day moving average price of $22.21. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.62. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of 11.97 and a beta of 0.64.

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a yield of 5.16%. Columbia Banking System’s payout ratio is currently 61.80%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on COLB shares. JPMorgan Chase & Co. cut their target price on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Raymond James upped their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Wedbush boosted their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday. Wells Fargo & Company raised their price objective on Columbia Banking System from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Keefe, Bruyette & Woods lifted their price target on Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $26.96.

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.