Columbia Banking System (NASDAQ:COLB) PT Lowered to $28.00

Columbia Banking System (NASDAQ:COLB) had its target price reduced by JPMorgan Chase & Co. from $29.00 to $28.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 7.90% from the stock’s current price.

A number of other analysts have also issued reports on the company. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday. Raymond James upped their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Stephens boosted their price objective on shares of Columbia Banking System from $22.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Truist Financial lowered their price objective on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Finally, Wells Fargo & Company lifted their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus price target of $25.81.

Columbia Banking System Stock Performance

NASDAQ:COLB traded up $0.40 during trading hours on Wednesday, reaching $25.95. The stock had a trading volume of 551,022 shares, compared to its average volume of 2,340,802. The stock has a 50 day simple moving average of $24.59 and a 200 day simple moving average of $21.49. Columbia Banking System has a 12-month low of $17.08 and a 12-month high of $28.11. The stock has a market cap of $5.43 billion, a P/E ratio of 11.14 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. On average, equities analysts expect that Columbia Banking System will post 2.55 earnings per share for the current fiscal year.

Institutional Trading of Columbia Banking System

A number of institutional investors have recently made changes to their positions in the stock. Picton Mahoney Asset Management purchased a new stake in Columbia Banking System during the 2nd quarter valued at $33,000. Abich Financial Wealth Management LLC grew its stake in shares of Columbia Banking System by 85.1% in the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,020 shares during the last quarter. GAMMA Investing LLC increased 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 valued at $47,000 after purchasing an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC raised its position 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 purchasing an additional 4,115 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.