Columbia Banking System, Inc. (NASDAQ:COLB) Declares $0.30 Quarterly Dividend

Columbia Banking System, Inc. (NASDAQ:COLBGet Rating) announced a quarterly dividend on Monday, April 25th, Wall Street Journal reports. Shareholders of record on Wednesday, May 4th will be given a dividend of 0.30 per share by the financial services provider on Wednesday, May 18th. This represents a $1.20 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Tuesday, May 3rd.

Columbia Banking System has a dividend payout ratio of 35.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Columbia Banking System to earn $3.37 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 35.6%.

COLB stock traded down $0.22 during mid-day trading on Monday, reaching $31.15. 1,041,747 shares of the stock traded hands, compared to its 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 cap of $2.45 billion, a price-to-earnings ratio of 11.20 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLBGet Rating) last released its earnings results on Thursday, April 21st. The financial services provider reported $0.74 earnings per share for the quarter, beating the 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 business had revenue of $170.38 million during the quarter, compared to analysts’ expectations of $166.09 million. During the same quarter last year, the company earned $0.73 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. Analysts forecast that Columbia Banking System will post 2.72 EPS for the current fiscal year.

In other news, CFO Aaron James Deer acquired 3,000 shares of the company’s stock in a transaction dated Thursday, February 24th. The stock was bought at an average price of $33.45 per share, with a total value of $100,350.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.62% of the company’s stock.

Several institutional investors have recently modified their holdings of COLB. Morgan Stanley increased its holdings in shares of Columbia Banking System by 18.2% in the second quarter. Morgan Stanley now owns 406,883 shares of the financial services provider’s stock valued at $15,689,000 after purchasing an additional 62,511 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Columbia Banking System by 25.2% in the third quarter. LPL Financial LLC now owns 10,313 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 2,076 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Columbia Banking System during the 3rd quarter worth $275,000. Barclays PLC grew its holdings in Columbia Banking System by 126.0% during the 4th quarter. Barclays PLC now owns 239,029 shares of the financial services provider’s stock worth $7,822,000 after acquiring an additional 133,260 shares during the period. Finally, Credit Suisse AG grew its holdings in Columbia Banking System by 50.5% during the 4th quarter. Credit Suisse AG now owns 110,932 shares of the financial services provider’s stock worth $3,630,000 after acquiring an additional 37,245 shares during the period. 84.11% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have commented on COLB. StockNews.com began coverage on shares of Columbia Banking System in a research note on Thursday, March 31st. They set a “hold” rating for the company. Raymond James cut their price target on shares of Columbia Banking System 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 their price target on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Friday. Keefe, Bruyette & Woods began coverage on shares of Columbia Banking System in a research note on Friday, February 11th. They set a “market perform” rating for the company. Finally, 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 research note on Thursday, March 31st. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $37.00.

About Columbia Banking System (Get Rating)

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 the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.

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Dividend History for Columbia Banking System (NASDAQ:COLB)

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