Columbia Banking System, Inc. (NASDAQ:COLB) Announces Quarterly Dividend of $0.36

Columbia Banking System, Inc. (NASDAQ:COLB) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Stockholders of record on Friday, November 29th will be paid a dividend of 0.36 per share by the financial services provider on Monday, December 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend is Friday, November 29th.

Columbia Banking System has raised its dividend by an average of 7.2% annually over the last three years. Columbia Banking System has a dividend payout ratio of 53.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Columbia Banking System to earn $2.71 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 53.1%.

Columbia Banking System Stock Down 1.3 %

NASDAQ:COLB traded down $0.41 during mid-day trading on Tuesday, reaching $30.14. 777,300 shares of the company were exchanged, compared to its average volume of 2,251,466. The stock has a market cap of $6.32 billion, a PE ratio of 13.11 and a beta of 0.62. The company has a fifty day moving average of $27.24 and a 200 day moving average of $23.55. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $31.86.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.07. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. The business had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. During the same period last year, the business earned $0.79 earnings per share. On average, equities research analysts anticipate that Columbia Banking System will post 2.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Truist Financial upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a report on Monday, October 28th. Wells Fargo & Company upped their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price objective on Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods lifted their price objective on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $27.12.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.