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

Posted by Jim Brewer on Jan 25th, 2023

Columbia Banking System (NASDAQ:COLB – Get Rating) released its quarterly earnings results on Tuesday. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01, Briefing.com reports. The firm had revenue of $203.47 million during the quarter, compared to analyst estimates of $197.70 million. Columbia Banking System had a net margin of 31.38% and a return on equity of 10.51%. During the same period in the previous year, the business earned $0.55 EPS.

Columbia Banking System Price Performance

NASDAQ COLB traded down $0.23 during trading hours on Wednesday, reaching $29.12. 42,235 shares of the stock traded hands, compared to its average volume of 1,281,808. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a 50 day simple moving average of $30.78 and a two-hundred day simple moving average of $30.77. Columbia Banking System has a 1 year low of $26.97 and a 1 year high of $37.59. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 10.23 and a beta of 0.70.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 21st. Investors of record on Monday, February 6th will be given a $0.30 dividend. The ex-dividend date is Friday, February 3rd. This represents a $1.20 annualized dividend and a yield of 4.12%. Columbia Banking System’s dividend payout ratio (DPR) is presently 41.81%.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Columbia Banking System by 17.2% in the 1st quarter. State Street Corp now owns 5,810,585 shares of the financial services provider’s stock valued at $187,508,000 after purchasing an additional 853,211 shares in the last quarter. Balyasny Asset Management LLC grew its stake in shares of Columbia Banking System by 216.2% during the third quarter. Balyasny Asset Management LLC now owns 897,141 shares of the financial services provider’s stock valued at $25,918,000 after buying an additional 613,402 shares during the last quarter. Invesco Ltd. boosted its holdings in Columbia Banking System by 70.2% during the 1st quarter. Invesco Ltd. now owns 1,110,106 shares of the financial services provider’s stock valued at $35,822,000 after acquiring an additional 457,912 shares during the period. Citadel Advisors LLC grew its position in Columbia Banking System by 114.0% during the 2nd quarter. Citadel Advisors LLC now owns 599,991 shares of the financial services provider’s stock worth $17,190,000 after acquiring an additional 319,600 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Columbia Banking System by 17.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,561,582 shares of the financial services provider’s stock worth $44,739,000 after acquiring an additional 236,613 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Royal Bank of Canada dropped their price objective on Columbia Banking System from $37.00 to $33.00 in a research note on Wednesday. StockNews.com started coverage on Columbia Banking System in a research report on Wednesday, October 12th. They set a “hold” rating for the company.

Columbia Banking System Company Profile

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Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.