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

Columbia Banking System (NASDAQ:COLB) released its quarterly earnings results on Thursday. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10, Zacks reports. Columbia Banking System had a return on equity of 11.13% and a net margin of 15.98%.

Columbia Banking System Stock Performance

Columbia Banking System stock traded down $0.03 during midday trading on Thursday, reaching $29.67. 3,962,775 shares of the stock were exchanged, compared to its average volume of 2,293,992. Columbia Banking System has a 52 week low of $19.61 and a 52 week high of $30.28. The firm has a market cap of $8.87 billion, a PE ratio of 13.36 and a beta of 0.60. The company’s fifty day moving average is $28.28 and its 200-day moving average is $26.56.

Columbia Banking System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a dividend of $0.37 per share. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.48 dividend on an annualized basis and a yield of 5.0%. Columbia Banking System’s payout ratio is currently 66.67%.

Wall Street Analysts Forecast Growth

COLB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their target price on Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. UBS Group restated a “neutral” rating and set a $30.00 price objective on shares of Columbia Banking System in a report on Tuesday, January 6th. Royal Bank Of Canada set a $30.00 price target on shares of Columbia Banking System and gave the stock a “sector perform” rating in a research note on Monday, January 12th. JPMorgan Chase & Co. upped their price objective on Columbia Banking System from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Finally, TD Cowen reissued a “hold” rating on shares of Columbia Banking System in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $30.08.

Institutional Investors Weigh In On Columbia Banking System

Several large investors have recently added to or reduced their stakes in COLB. Wellington Management Group LLP grew its stake in Columbia Banking System by 135.2% in the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock worth $354,754,000 after purchasing an additional 7,921,303 shares during the period. State Street Corp increased its holdings in Columbia Banking System by 32.5% in the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock worth $345,113,000 after buying an additional 3,290,560 shares in the last quarter. UBS Group AG lifted its stake in Columbia Banking System by 84.6% during the 3rd quarter. UBS Group AG now owns 3,972,118 shares of the financial services provider’s stock valued at $102,242,000 after acquiring an additional 1,819,975 shares during the period. Invesco Ltd. boosted its holdings in shares of Columbia Banking System by 29.0% during the 3rd quarter. Invesco Ltd. now owns 3,839,711 shares of the financial services provider’s stock valued at $98,834,000 after acquiring an additional 864,011 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Columbia Banking System by 8,133.3% during the third quarter. Balyasny Asset Management L.P. now owns 3,063,600 shares of the financial services provider’s stock valued at $78,857,000 after purchasing an additional 3,026,390 shares during the last quarter. Institutional investors 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.