Columbia Banking System (NASDAQ:COLB) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Columbia Banking System (NASDAQ:COLB) issued its quarterly earnings data on Thursday. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06, Zacks reports. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%.

Columbia Banking System Price Performance

Shares of COLB stock opened at $28.15 on Friday. The stock has a 50 day simple moving average of $28.84 and a 200-day simple moving average of $26.64. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $32.85. The company has a market cap of $5.90 billion, a price-to-earnings ratio of 12.19 and a beta of 0.67.

Columbia Banking System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.12%. The ex-dividend date of this dividend was Friday, November 29th. Columbia Banking System’s dividend payout ratio (DPR) is presently 62.34%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COLB. Wells Fargo & Company raised Columbia Banking System from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $33.00 to $35.00 in a research report on Monday, January 6th. Truist Financial raised their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, October 28th. StockNews.com raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. cut their price target on Columbia Banking System from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $29.31.

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.