Shares of Columbia Banking System, Inc. (NASDAQ:COLB – Get Free Report) hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $28.15 and last traded at $28.08, with a volume of 1069572 shares changing hands. The stock had previously closed at $27.08.
The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. During the same period in the prior year, the business earned $0.79 earnings per share.
Columbia Banking System Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.
Wall Street Analyst Weigh In
View Our Latest Stock Analysis on COLB
Institutional Trading of Columbia Banking System
Hedge funds have recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new position in Columbia Banking System in the 2nd quarter valued at approximately $33,000. Abich Financial Wealth Management LLC raised its stake in shares of Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,020 shares during the period. GAMMA Investing LLC lifted its holdings in Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Columbia Banking System by 111.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC grew its holdings in Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after buying an additional 4,115 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors.
Columbia Banking System Stock Up 4.4 %
The stock has a market capitalization of $5.92 billion, a P/E ratio of 12.13 and a beta of 0.64. The company has a 50-day moving average price of $25.41 and a two-hundred day moving average price of $22.15.
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.
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