Columbia Banking System Inc (NASDAQ:COLB) announced a quarterly dividend on Friday, July 24th, Wall Street Journal reports. Investors of record on Wednesday, August 5th will be paid a dividend of 0.28 per share by the financial services provider on Wednesday, August 19th. This represents a $1.12 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Tuesday, August 4th.
Columbia Banking System has increased its dividend payment by an average of 45.5% annually over the last three years and has increased its dividend every year for the last 9 years. Columbia Banking System has a dividend payout ratio of 73.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Columbia Banking System to earn $1.77 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 63.3%.
Shares of COLB stock opened at $28.93 on Friday. The firm has a market capitalization of $2.07 billion, a P/E ratio of 14.04 and a beta of 1.00. Columbia Banking System has a twelve month low of $19.11 and a twelve month high of $41.40. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $27.86 and its 200 day simple moving average is $29.62.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.27. The business had revenue of $159.11 million for the quarter, compared to analyst estimates of $143.60 million. Columbia Banking System had a return on equity of 6.72% and a net margin of 23.46%. During the same quarter in the previous year, the company posted $0.71 EPS. As a group, equities research analysts expect that Columbia Banking System will post 1.6 EPS for the current fiscal year.
In other Columbia Banking System news, Director Tom Hulbert acquired 4,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average cost of $21.97 per share, with a total value of $87,880.00. Following the purchase, the director now directly owns 54,608 shares of the company’s stock, valued at $1,199,737.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 5,587 shares of company stock worth $127,004 over the last three months. 0.62% of the stock is owned by company insiders.
Several research analysts have commented on the company. Zacks Investment Research downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a report on Wednesday, July 15th. Royal Bank of Canada reaffirmed a “hold” rating and set a $30.00 target price on shares of Columbia Banking System in a report on Monday, April 13th. Piper Sandler assumed coverage on Columbia Banking System in a report on Tuesday, June 16th. They set a “buy” rating and a $35.00 target price on the stock. Finally, BidaskClub downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $36.75.
About Columbia Banking System
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.
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