Columbia Banking System, Inc. (NASDAQ:COLB – Get Free Report)’s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $25.59, but opened at $20.69. Columbia Banking System shares last traded at $21.17, with a volume of 2,935,614 shares changing hands.
The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). The company had revenue of $519.16 million during the quarter, compared to analyst estimates of $525.94 million. Columbia Banking System had a net margin of 14.80% and a return on equity of 11.55%. The company’s quarterly revenue was up 52.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.93 EPS.
Columbia Banking System Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, November 24th were paid a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $1.44 annualized dividend and a yield of 7.02%. Columbia Banking System’s dividend payout ratio is currently 69.23%.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on COLB shares. Citigroup started coverage on shares of Columbia Banking System in a research report on Friday, December 1st. They set a “neutral” rating and a $23.00 target price on the stock. Royal Bank of Canada decreased their price target on Columbia Banking System from $26.00 to $22.00 in a report on Tuesday, October 10th. Truist Financial decreased their price target on Columbia Banking System from $21.00 to $20.00 and set a “hold” rating for the company in a report on Monday, October 23rd. UBS Group raised Columbia Banking System from a “sell” rating to a “neutral” rating and increased their price target for the stock from $18.00 to $21.00 in a report on Friday, October 6th. Finally, TheStreet raised Columbia Banking System from a “c+” rating to a “b-” rating in a report on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Columbia Banking System presently has a consensus rating of “Hold” and an average target price of $23.55.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. Swiss National Bank lifted its holdings in Columbia Banking System by 1.1% during the 2nd quarter. Swiss National Bank now owns 453,721 shares of the financial services provider’s stock worth $9,201,000 after buying an additional 4,900 shares during the period. Headlands Technologies LLC increased its position in Columbia Banking System by 1,272.3% in the 2nd quarter. Headlands Technologies LLC now owns 4,268 shares of the financial services provider’s stock valued at $87,000 after buying an additional 3,957 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its position in Columbia Banking System by 240.1% in the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 952,593 shares of the financial services provider’s stock valued at $19,319,000 after buying an additional 672,493 shares in the last quarter. Virtu Financial LLC increased its position in Columbia Banking System by 55.4% in the 2nd quarter. Virtu Financial LLC now owns 14,733 shares of the financial services provider’s stock valued at $299,000 after buying an additional 5,252 shares in the last quarter. Finally, Barclays PLC increased its position in Columbia Banking System by 89.7% in the 2nd quarter. Barclays PLC now owns 461,430 shares of the financial services provider’s stock valued at $9,357,000 after buying an additional 218,237 shares in the last quarter. 89.82% of the stock is owned by institutional investors and hedge funds.
Columbia Banking System Trading Down 19.9 %
The firm has a market capitalization of $4.28 billion, a P/E ratio of 10.12 and a beta of 0.72. The business has a 50-day moving average of $24.89 and a 200 day moving average of $22.10.
About Columbia Banking System
Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides commercial and retail banking services. The company offers deposit products, including interest-bearing checking, savings, money market, and certificate of deposit accounts. It also provides home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; and agricultural loans, asset-based loans, builder and other commercial real estate loans, and loans guaranteed by the SBA, as well as offer a suite of business edge loans designed for small businesses to expand, purchase equipment, or in need of working capital.