Columbia Banking System, Inc. (NASDAQ:COLB – Get a rating) announced a quarterly dividend on Monday, April 25, the wall street journal reports. Shareholders of record on Wednesday May 4 will receive a dividend of 0.30 per share from the financial services provider on Wednesday May 18. This represents a dividend of $1.20 on an annualized basis and a yield of 3.85%. The ex-dividend date is Tuesday, May 3.
Columbia Banking System has a dividend payout ratio of 35.8%, indicating that its dividend is sufficiently covered by earnings. Stock analysts expect Columbia Banking System to earn $3.37 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 35.6%.
COLB Stock traded down $0.22 in midday trading on Monday, hitting $31.15. 1,041,747 shares were traded, against an average volume of 873,206. Columbia Banking System has a 52-week low of $29.22 and a 52-week high of $44.99. The stock has a 50-day simple moving average of $33.44. The company has a market capitalization of $2.45 billion, a price-earnings ratio of 11.20 and a beta of 0.63.
Colombian banking system (NASDAQ:COLB – Get a rating) last reported results on Thursday, April 21. The financial services provider reported earnings per share of $0.74 for the quarter, beating Thomson Reuters consensus estimate of $0.68 by $0.06. Columbia Banking System had a net margin of 31.91% and a return on equity of 9.30%. The company posted revenue of $170.38 million in the quarter, compared to $166.09 million expected by analysts. In the same quarter last year, the company earned earnings per share of $0.73. The company’s revenue increased 15.8% year over year. Analysts expect Columbia Banking System to post an EPS of 2.72 for the current fiscal year.
In other news, CFO Aaron James Cerf acquired 3,000 shares of the company in a transaction dated Thursday, February 24. The stock was purchased at an average price of $33.45 per share, with a total value of $100,350.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, available at this link. Insiders of the company hold 0.62% of the shares of the company.
Several institutional investors have recently changed their stake in COLB. Morgan Stanley increased its holdings of Columbia Banking System shares by 18.2% in 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 holdings of Columbia Banking System shares by 25.2% in 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. Janus Henderson Group PLC acquired a new stake in Columbia Banking System during Q3 for $275,000. Barclays PLC increased its holdings in Columbia Banking System by 126.0% during the fourth quarter. Barclays PLC now owns 239,029 shares of the financial services provider worth $7,822,000 after acquiring an additional 133,260 shares during the period. Finally, Credit Suisse AG increased its holdings in Columbia Banking System by 50.5% during the fourth quarter. Credit Suisse AG now owns 110,932 shares of the financial services provider worth $3,630,000 after acquiring an additional 37,245 shares during the period. 84.11% of the shares are held by institutional investors and hedge funds.
A number of brokerages have commented on COLB. StockNews.com began covering Columbia Banking System shares in a research note on Thursday, March 31. They set a “holding” rating for the company. Raymond James cut his price target on Columbia Banking System shares from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday. Royal Bank of Canada raised its price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock an “industry performance” rating in a research note on Friday. Keefe, Bruyette & Woods began covering Columbia Banking System shares in a research note on Friday, February 11. They set a “market performance” rating for the company. To finish, Zacks Investment Research upgraded shares of Columbia Banking System from a “hold” rating to a “strong-buy” rating and set a $38.00 price target for the company in a Thursday, March 31 research note. Four research analysts gave the stock a hold rating, two gave the company a buy rating and one gave the company’s stock a strong buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $37.00.
About the Columbia Banking System (Get a rating)
Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium-sized businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.
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