Columbia Banking System (NASDAQ:COLB) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Columbia Banking System beat quarterly expectations: EPS came in at $0.82 versus the $0.77 consensus, while revenue reached $702.0 million compared with estimates of $687.74 million. The company reported an 11.33% return on equity and a 19.96% net margin.
• Shares rose 2.4% to $29.89 following the results. The stock has traded between $24.75 and $33.67 over the past year and carries a market capitalization of approximately $8.46 billion.
• The company maintains a quarterly dividend of $0.37 per share, equivalent to a 5.0% yield and a 58.96% payout ratio. Analysts’ consensus remains “Hold,” with an average price target of $33.23.

Columbia Banking System (NASDAQ:COLB - Get Free Report) announced its quarterly earnings results on Thursday. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.05, FiscalAI reports. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%. The company had revenue of $702.00 million during the quarter, compared to the consensus estimate of $687.74 million.

Columbia Banking System Stock Up 2.4%

NASDAQ COLB traded up $0.69 during trading hours on Thursday, hitting $29.89. 3,372,927 shares of the stock were exchanged, compared to its average volume of 2,880,373. The company has a market cap of $8.46 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 0.84 and a beta of 0.66. The stock has a 50-day moving average of $29.77 and a 200 day moving average of $30.22. Columbia Banking System has a 12-month low of $24.75 and a 12-month high of $33.67.

Columbia Banking System Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Friday, August 28th. Columbia Banking System's dividend payout ratio is 58.96%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on COLB. Weiss Ratings raised shares of Columbia Banking System from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Wells Fargo & Company lowered their price target on shares of Columbia Banking System from $34.00 to $32.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 30th. Zacks Research raised shares of Columbia Banking System from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. JPMorgan Chase & Co. decreased their price objective on shares of Columbia Banking System from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Thursday, October 1st. Finally, DA Davidson upgraded Columbia Banking System from a "neutral" rating to a "buy" rating and increased their price target for the stock from $33.00 to $36.00 in a research report on Tuesday, September 1st. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $33.23.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.

Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.

Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.

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