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

Columbia Banking System (NASDAQ:COLB) issued its quarterly earnings results on Thursday. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03, Zacks reports. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The firm had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $687.40 million.

Columbia Banking System Trading Down 1.1%

Shares of Columbia Banking System stock traded down $0.37 during mid-day trading on Thursday, reaching $32.26. 4,889,071 shares of the stock were exchanged, compared to its average volume of 2,894,665. The company has a market cap of $9.34 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 2.24 and a beta of 0.62. The firm has a 50-day simple moving average of $30.88 and a 200 day simple moving average of $29.66. Columbia Banking System has a fifty-two week low of $22.77 and a fifty-two week high of $33.67.

Columbia Banking System Announces Dividend

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

Insider Buying and Selling at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were 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 of the company’s stock, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in Columbia Banking System by 35.4% during the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 valued at $2,063,000 after acquiring an additional 15,845 shares during the period. Millennium Management LLC lifted its stake in shares of 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 valued at $12,089,000 after acquiring an additional 412,674 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider’s stock valued at $12,290,000 after acquiring an additional 108,994 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Columbia Banking System by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider’s stock worth $22,128,000 after purchasing an additional 16,165 shares during the period. 92.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Fundamental Research set a $35.00 price objective on shares of Columbia Banking System in a research report on Wednesday, July 1st. JPMorgan Chase & Co. boosted their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Columbia Banking System in a research note on Monday, June 29th. Wall Street Zen downgraded shares of Columbia Banking System from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Finally, UBS Group began coverage on Columbia Banking System in a report on Tuesday, April 7th. They set a “neutral” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $32.81.

Columbia Banking System Company Profile

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.