Columbia Banking System (NASDAQ:COLB) Releases Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Columbia Banking System reported earnings of $0.76 EPS for the quarter, exceeding analysts' expectations of $0.66 by $0.10. Revenue for the quarter was $511.55 million, up 8.2% year-over-year.
• The company's stock rose by 6.3% to $24.82 following the earnings announcement, with a market capitalization of $5.22 billion.
• Columbia Banking System declared a quarterly dividend of $0.36 per share, translating to a yield of 5.80%, with a dividend payout ratio of 57.14%.

Columbia Banking System (NASDAQ:COLB - Get Free Report) released its earnings results on Thursday. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.10, Zacks reports. Columbia Banking System had a net margin of 17.98% and a return on equity of 11.39%. The business had revenue of $511.55 million during the quarter, compared to analyst estimates of $492.00 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. The company's revenue for the quarter was up 8.2% compared to the same quarter last year.

Columbia Banking System Stock Up 6.3%

COLB stock traded up $1.47 during mid-day trading on Friday, hitting $24.82. 5,940,410 shares of the company were exchanged, compared to its average volume of 2,478,296. The firm has a market capitalization of $5.22 billion, a P/E ratio of 9.85 and a beta of 0.62. The business has a fifty day simple moving average of $23.85 and a 200-day simple moving average of $24.75. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.85.

Columbia Banking System Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 5.80%. The ex-dividend date was Friday, May 30th. Columbia Banking System's dividend payout ratio (DPR) is presently 57.14%.

Analyst Ratings Changes

A number of research firms have recently issued reports on COLB. Royal Bank Of Canada dropped their target price on shares of Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Wall Street Zen began coverage on shares of Columbia Banking System in a report on Thursday, May 22nd. They set a "hold" rating for the company. DA Davidson upped their target price on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Jefferies Financial Group assumed coverage on shares of Columbia Banking System in a report on Wednesday, May 21st. They set a "hold" rating and a $27.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating for the company in a report on Thursday, April 24th. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Columbia Banking System presently has a consensus rating of "Hold" and an average target price of $28.79.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of COLB. Geneos Wealth Management Inc. boosted its stake in Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock worth $30,000 after buying an additional 794 shares during the period. Focus Partners Wealth boosted its stake in Columbia Banking System by 55.8% during the first quarter. Focus Partners Wealth now owns 12,621 shares of the financial services provider's stock worth $315,000 after buying an additional 4,520 shares during the period. AQR Capital Management LLC boosted its stake in Columbia Banking System by 35.4% during the first quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock worth $1,402,000 after buying an additional 14,824 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Columbia Banking System by 23.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock worth $2,063,000 after buying an additional 15,845 shares during the period. Finally, Millennium Management LLC boosted its stake in Columbia Banking System by 572.7% during the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider's stock worth $12,089,000 after buying an additional 412,674 shares during the period. Hedge funds and other institutional investors own 92.53% of the company's stock.

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.

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