Columbia Banking System (NASDAQ:COLB) Issues Earnings Results

Columbia Banking System (NASDAQ:COLB) issued its earnings results on Thursday. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12, Briefing.com reports. The business had revenue of $473.72 million for the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 12.71% and a return on equity of 10.27%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share.

Columbia Banking System Stock Performance

NASDAQ:COLB traded up $0.44 during mid-day trading on Friday, hitting $19.45. 1,817,276 shares of the company’s stock traded hands, compared to its average volume of 2,851,945. The company has a fifty day moving average of $18.50 and a 200 day moving average of $21.16. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The company has a market capitalization of $4.07 billion, a P/E ratio of 11.87 and a beta of 0.71.

Columbia Banking System Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 23rd were given a $0.36 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.40%. Columbia Banking System’s payout ratio is 87.27%.

Insiders Place Their Bets

In related news, insider Aaron James Deer acquired 2,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the acquisition, the insider now directly owns 36,850 shares in the company, valued at approximately $711,942. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Clint Stein bought 9,500 shares of Columbia Banking System stock in a transaction that occurred on Tuesday, January 30th. The stock was bought at an average price of $20.96 per share, for a total transaction of $199,120.00. Following the purchase, the chief executive officer now directly owns 165,684 shares of the company’s stock, valued at approximately $3,472,736.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Aaron James Deer purchased 2,000 shares of the stock in a transaction on Thursday, February 1st. The shares were purchased at an average cost of $19.32 per share, with a total value of $38,640.00. Following the transaction, the insider now owns 36,850 shares in the company, valued at approximately $711,942. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 35,133 shares of company stock valued at $719,737. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

COLB has been the topic of several research reports. UBS Group reduced their price objective on Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating on the stock in a report on Friday, January 26th. Piper Sandler decreased their price objective on Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating for the company in a report on Thursday, January 25th. Truist Financial dropped their target price on shares of Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Keefe, Bruyette & Woods reduced their price target on shares of Columbia Banking System from $25.00 to $23.00 and set a “market perform” rating for the company in a report on Friday, April 5th. Finally, Raymond James downgraded shares of Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price objective on the stock. in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $22.19.

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.