JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $28.00

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

Other research analysts have also issued research reports about the company. Barclays upped their price target on Columbia Banking System from $24.00 to $25.00 and gave the company an equal weight rating in a research report on Friday, September 27th. Keefe, Bruyette & Woods raised their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a market perform rating in a research note on Friday, July 26th. Wells Fargo & Company boosted their price objective 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. Royal Bank of Canada raised their target price on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a sector perform rating in a research report on Friday, July 26th. Finally, Raymond James boosted their price target 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. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $25.81.

Columbia Banking System Price Performance

Shares of COLB opened at $26.90 on Wednesday. The firm has a market cap of $5.64 billion, a P/E ratio of 11.90 and a beta of 0.64. Columbia Banking System has a 1 year low of $17.08 and a 1 year high of $28.11. The stock has a 50 day simple moving average of $24.67 and a two-hundred day simple moving average of $21.61.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $472.15 million during 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%. Columbia Banking System’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 EPS. On average, equities analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.35%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 63.72%.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors and hedge funds have recently modified their holdings of COLB. Picton Mahoney Asset Management purchased a new stake in Columbia Banking System during the 2nd quarter valued at about $33,000. Abich Financial Wealth Management LLC increased its position in shares of 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 valued at $43,000 after acquiring an additional 1,020 shares in the last quarter. GAMMA Investing LLC raised 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 worth $47,000 after acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position 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 valued at $52,000 after acquiring an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its stake 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. 92.53% of the stock is currently owned by institutional investors.

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.