Columbia Banking System (NASDAQ:COLB) Price Target Cut to $28.00 by Analysts at JPMorgan Chase & Co.

Columbia Banking System (NASDAQ:COLB) had its price target lowered by JPMorgan Chase & Co. from $29.00 to $28.00 in a report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on COLB. StockNews.com raised shares of Columbia Banking System from a sell rating to a hold rating in a report on Saturday, October 5th. Truist Financial reduced their price target on Columbia Banking System from $29.00 to $28.00 and set a hold rating for the company in a report on Friday, September 20th. Royal Bank of Canada raised their price objective on Columbia Banking System from $21.00 to $26.00 and gave the company a sector perform rating in a report on Friday, July 26th. Stephens upped their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a research note on Friday, July 26th. Finally, Wedbush upgraded Columbia Banking System from a neutral rating to an outperform rating and increased their target price for the company from $28.00 to $31.00 in a research report on Tuesday, September 24th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Columbia Banking System currently has an average rating of Hold and an average target price of $25.81.

Columbia Banking System Stock Up 1.7 %

Shares of COLB opened at $25.99 on Wednesday. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 11.15 and a beta of 0.64. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11. The stock’s 50-day moving average price is $24.59 and its 200-day moving average price is $21.52.

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

Columbia Banking System Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.54%. The ex-dividend date of this dividend was Friday, August 23rd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Institutional Trading of Columbia Banking System

Several large investors have recently bought and sold shares of COLB. Picton Mahoney Asset Management acquired a new position in shares of Columbia Banking System during the 2nd quarter worth approximately $33,000. Abich Financial Wealth Management LLC boosted its stake in Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock worth $43,000 after buying an additional 1,020 shares during the last quarter. GAMMA Investing LLC grew its holdings in Columbia Banking System by 144.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of 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 acquiring an additional 1,380 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in shares of 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 worth $82,000 after acquiring an additional 4,115 shares during the period. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Columbia Banking System Company Profile

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.