Columbia Banking System (NASDAQ:COLB) Posts Quarterly Earnings Results

Columbia Banking System (NASDAQ:COLB) released its quarterly earnings data on Thursday. The financial services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.53 by $0.12, Briefing.com reports. Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The business had revenue of $473.72 million during the quarter, compared to the consensus estimate of $480.39 million. During the same quarter in the prior year, the firm earned $0.46 EPS. The business’s revenue was up 10.3% on a year-over-year basis.

Columbia Banking System Stock Up 2.3 %

Columbia Banking System stock traded up $0.43 during mid-day trading on Friday, reaching $19.44. 1,525,720 shares of the company’s stock were exchanged, compared to its average volume of 2,848,506. The company has a market cap of $4.07 billion, a P/E ratio of 11.87 and a beta of 0.71. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The company has a fifty day moving average of $18.50 and a 200-day moving average of $21.16.

Columbia Banking System Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.36 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.41%. Columbia Banking System’s dividend payout ratio (DPR) is presently 87.27%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, April 4th. Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price objective for the company. in a research note on Thursday, January 25th. Keefe, Bruyette & Woods decreased their target price on shares of Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, April 5th. Truist Financial decreased their target price on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Finally, Wedbush reaffirmed a “neutral” rating and issued a $20.00 price objective on shares of Columbia Banking System in a report on Friday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Columbia Banking System presently has an average rating of “Hold” and an average price target of $22.19.

Insiders Place Their Bets

In other news, Director Elizabeth Whitehead Seaton acquired 2,685 shares of Columbia Banking System stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $18.48 per share, for a total transaction of $49,618.80. Following the acquisition, the director now owns 25,001 shares of the company’s stock, valued at $462,018.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Aaron James Deer acquired 2,000 shares of Columbia Banking System stock in a transaction dated Thursday, February 1st. The shares were acquired at an average cost of $19.32 per share, for a total transaction of $38,640.00. Following the acquisition, the insider now owns 36,850 shares of the company’s stock, valued at $711,942. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Elizabeth Whitehead Seaton acquired 2,685 shares of Columbia Banking System stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $18.48 per share, for a total transaction of $49,618.80. Following the completion of the acquisition, the director now directly owns 25,001 shares in the company, valued at approximately $462,018.48. The disclosure for this purchase can be found here. Insiders have acquired a total of 35,133 shares of company stock worth $719,737 in the last ninety days. 0.62% of the stock is owned by corporate insiders.

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.