JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $30.00

Columbia Banking System (NASDAQ:COLB) had its price target decreased by JPMorgan Chase & Co. from $32.00 to $30.00 in a research report sent to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also recently commented on COLB. Wedbush lifted their target price on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Royal Bank of Canada boosted their price objective on Columbia Banking System from $29.00 to $31.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Raymond James upped their target price on shares of Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Truist Financial lifted their price target on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, October 28th. Finally, StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.31.

Columbia Banking System Stock Down 0.1 %

Shares of NASDAQ:COLB opened at $27.16 on Tuesday. The firm has a market cap of $5.69 billion, a P/E ratio of 11.76 and a beta of 0.67. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $32.85. The company’s 50-day moving average price is $29.27 and its two-hundred day moving average price is $26.04.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. The company had revenue of $765.06 million for the quarter, compared to analyst estimates of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same period in the prior year, the business earned $0.79 earnings per share. As a group, equities analysts predict that Columbia Banking System will post 2.63 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.36 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.44 dividend on an annualized basis and a yield of 5.30%. Columbia Banking System’s payout ratio is 62.34%.

Institutional Investors Weigh In On Columbia Banking System

A number of hedge funds have recently modified their holdings of COLB. Allspring Global Investments Holdings LLC lifted its stake in Columbia Banking System by 111.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,380 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in Columbia Banking System by 18.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 68,521 shares of the financial services provider’s stock worth $1,363,000 after purchasing an additional 10,776 shares during the period. Natixis Advisors LLC increased its holdings in Columbia Banking System by 37.8% during the 2nd quarter. Natixis Advisors LLC now owns 97,911 shares of the financial services provider’s stock worth $1,947,000 after purchasing an additional 26,877 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Columbia Banking System by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 58,406 shares of the financial services provider’s stock valued at $1,162,000 after purchasing an additional 1,085 shares during the period. Finally, LSV Asset Management raised its stake in shares of Columbia Banking System by 333.8% in the 2nd quarter. LSV Asset Management now owns 639,042 shares of the financial services provider’s stock valued at $12,711,000 after purchasing an additional 491,742 shares during the period. Institutional investors and hedge funds 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.