Columbia Banking System (NASDAQ:COLB) Releases Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Columbia Banking System reported quarterly earnings of $0.76 per share, topping analyst estimates by $0.03. The company also posted a 19.28% net margin and 11.41% return on equity.
• The stock fell 0.37 to $32.26 on the day of the report, though it remains near its 52-week high of $33.67. Trading volume was well above average, with nearly 4.9 million shares changing hands.
• The bank declared a quarterly dividend of $0.37 per share, or $1.48 annually, for a 4.6% yield. Analysts currently have a Hold consensus rating with an average price target of $32.81.

Columbia Banking System (NASDAQ:COLB - Get Free Report) posted its quarterly earnings results on Thursday. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03, Zacks reports. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%.

Columbia Banking System Stock Performance

COLB traded down $0.37 during trading on Thursday, hitting $32.26. The stock had a trading volume of 4,881,259 shares, compared to its average volume of 2,894,562. The stock has a 50 day simple moving average of $30.88 and a two-hundred day simple moving average of $29.66. Columbia Banking System has a twelve month low of $22.77 and a twelve month high of $33.67. The company has a market capitalization of $9.34 billion, a PE ratio of 12.85, a PEG ratio of 2.24 and a beta of 0.62.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. Columbia Banking System's dividend payout ratio is presently 58.96%.

Analyst Ratings Changes

COLB has been the subject of several research reports. UBS Group began coverage on Columbia Banking System in a report on Tuesday, April 7th. They issued a "neutral" rating and a $30.00 target price for the company. JPMorgan Chase & Co. raised their price target on Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Piper Sandler lifted their price objective on Columbia Banking System from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Wells Fargo & Company upped their price objective on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Finally, Fundamental Research set a $35.00 target price on shares of Columbia Banking System in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $32.81.

Insider Activity

In other news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.57% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of COLB. UMB Bank n.a. raised its stake in shares of Columbia Banking System by 35.8% in the fourth quarter. UMB Bank n.a. now owns 3,575 shares of the financial services provider's stock worth $100,000 after purchasing an additional 943 shares during the last quarter. Quarry LP purchased a new position in Columbia Banking System during the 4th quarter worth approximately $113,000. FineMark National Bank & Trust acquired a new stake in Columbia Banking System during the 4th quarter valued at approximately $206,000. Parallel Advisors LLC boosted its holdings in shares of Columbia Banking System by 18.5% in the 4th quarter. Parallel Advisors LLC now owns 3,794 shares of the financial services provider's stock valued at $106,000 after acquiring an additional 592 shares during the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Columbia Banking System in the 3rd quarter valued at $200,000. Institutional investors and hedge funds own 92.53% of the company's stock.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company's offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.

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