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

Columbia Banking System (NASDAQ:COLB) had its price target lowered by stock analysts at JPMorgan Chase & Co. from $32.00 to $30.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 10.95% from the company’s previous close.

Several other research firms have also commented on COLB. Truist Financial increased their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the company a “hold” rating in a report on Monday, October 28th. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Keefe, Bruyette & Woods upped their price target on shares of Columbia Banking System from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Royal Bank of Canada boosted their price objective on shares of Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Finally, Wells Fargo & Company upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $33.00 to $35.00 in a report on Monday. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.31.

Columbia Banking System Trading Down 1.3 %

Shares of NASDAQ:COLB traded down $0.37 during trading on Tuesday, reaching $27.04. The company had a trading volume of 642,725 shares, compared to its average volume of 962,898. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $32.85. The stock has a market capitalization of $5.67 billion, a P/E ratio of 11.71 and a beta of 0.67. The company has a fifty day moving average of $29.37 and a two-hundred day moving average of $25.96.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data 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 firm had revenue of $765.06 million during the quarter, compared to analysts’ expectations of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same period in the prior year, the business earned $0.79 EPS. As a group, equities research analysts predict that Columbia Banking System will post 2.63 earnings per share for the current year.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds have recently bought and sold shares of the company. 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. Commonwealth Equity Services LLC boosted its position in shares of Columbia Banking System by 18.7% during the second quarter. Commonwealth Equity Services LLC now owns 68,521 shares of the financial services provider’s stock valued at $1,363,000 after buying an additional 10,776 shares during the last quarter. Natixis Advisors LLC raised its position in Columbia Banking System by 37.8% in the 2nd quarter. Natixis Advisors LLC now owns 97,911 shares of the financial services provider’s stock worth $1,947,000 after buying an additional 26,877 shares during the last quarter. Arizona State Retirement System lifted its stake in Columbia Banking System by 1.9% during 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 acquiring an additional 1,085 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of Columbia Banking System by 333.8% during the 2nd quarter. LSV Asset Management now owns 639,042 shares of the financial services provider’s stock valued at $12,711,000 after acquiring an additional 491,742 shares during the last quarter. 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.