Columbia Banking System, Inc. (NASDAQ:COLB) announced a quarterly dividend on Wednesday, January 19, Zacks reports. Shareholders of record on Wednesday February 2 will receive a dividend of 0.30 per share from the financial services provider on Wednesday February 16. This represents a dividend of $1.20 on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Tuesday, February 1.
Columbia Banking System has increased its dividend by 14.0% over the past three years and has increased its dividend annually for the past 1 consecutive years. Columbia Banking System has a dividend payout ratio of 36.9%, indicating that its dividend is sufficiently covered by earnings. Stock analysts expect Columbia Banking System to earn $2.32 per share next year, meaning the company should continue to be able to cover its annual dividend of $1.20 with a ratio of expected future payout of 51.7%.
COLB stock opened at $34.90 on Friday. The company has a 50-day moving average of $33.97 and a 200-day moving average of $35.28. The stock has a market capitalization of $2.74 billion, a PE ratio of 11.41 and a beta of 0.75. Columbia Banking System has a 52-week low of $30.09 and a 52-week high of $50.68.
Columbia Banking System (NASDAQ:COLB) last reported results on Tuesday, January 18. The financial services provider reported EPS of $0.55 for the quarter, missing analyst consensus estimates of $0.59 per ($0.04). Columbia Banking System had a return on equity of 9.41% and a net margin of 35.50%. In the same quarter last year, the company earned $0.82 per share. Sell-side analysts expect Columbia Banking System to post earnings per share of 2.81 for the current year.
A number of analysts have recently commented on COLB’s actions. Zacks Investment Research upgraded shares of Columbia Banking System from a “strong sell” rating to a “hold” rating in a Monday, Jan. 10 research note. Raymond James cut his price target on Columbia Banking System shares from $43.00 to $40.00 and set an “outperform” rating for the company in a Monday, Nov. 1 research report. Royal Bank of Canada cut its price target on Columbia Banking System shares from $42.00 to $38.00 and set an “industry performance” rating for the company in a Wednesday 13 research report October. Stephens cut his price target on Columbia Banking System shares from $40.00 to $32.00 and set an “equal weight” rating for the company in a Wednesday, Oct. 13 research report. Finally, DA Davidson moved shares of Columbia Banking System from a “neutral” rating to a “buy” rating and raised his price target for the stock from $39.00 to $41.00 in a report research on Wednesday, October 13. Five investment analysts gave the stock a hold rating and two gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $40.14.
Separately, director Tom Hulbert purchased 11,073 shares of the company in a transaction dated Friday, November 26. The shares were purchased at an average cost of $32.21 per share, with a total value of $356,661.33. The acquisition was disclosed in a legal filing with the SEC, which is available via this link. 0.57% of the shares are held by insiders.
Major investors have recently been buying and selling shares of the company. Morgan Stanley increased its equity stake in Columbia Banking System by 18.2% during the second quarter. Morgan Stanley now owns 406,883 shares of the financial services provider valued at $15,689,000 after buying an additional 62,511 shares last quarter. LPL Financial LLC increased its equity stake in Columbia Banking System by 25.2% during the third quarter. LPL Financial LLC now owns 10,313 shares of the financial services provider valued at $392,000 after buying an additional 2,076 shares last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of Columbia Banking System during Q3 valued at around $275,000. 84.14% of the shares are held by hedge funds and other institutional investors.
About the Columbia Banking System
Columbia Banking System, Inc is a bank holding company that provides financial services. She specializes in the management of individuals, companies and assets. It offers checking and savings accounts; debit and credit cards; digital banking; personal loans; real estate loans; foreign currency; professional bank; finance management; merchant card services; international bank; financial services; private bank; and trust and investment services.
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