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

Columbia Banking System (NASDAQ:COLB - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $29.00 to $28.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a neutral rating on the financial services provider's stock.

Several other research firms have also weighed in on COLB. Wedbush upgraded shares of Columbia Banking System from a neutral rating to an outperform rating and increased their target price for the stock from $28.00 to $31.00 in a report on Tuesday, September 24th. Stephens lifted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Truist Financial lowered 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. StockNews.com upgraded Columbia Banking System from a sell rating to a hold rating in a report on Saturday. Finally, Barclays increased their target price on Columbia Banking System from $24.00 to $25.00 and gave the stock an equal weight rating in a research note on Friday, September 27th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Columbia Banking System presently has an average rating of Hold and an average price target of $25.81.

Columbia Banking System Trading Up 1.7 %

Shares of NASDAQ:COLB traded up $0.44 during midday trading on Wednesday, hitting $25.99. The company had a trading volume of 893,562 shares, compared to its average volume of 2,342,558. The firm has a fifty day simple moving average of $24.59 and a 200 day simple moving average of $21.52. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 11.15 and a beta of 0.64. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.11.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The company's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 EPS. Equities analysts forecast that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

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

Institutional Trading of Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 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 increased its holdings 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 raised its position in Columbia Banking System by 144.0% during the second 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 in the last quarter. Allspring Global Investments Holdings LLC raised its position in Columbia Banking System by 111.5% during the second 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 in the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in Columbia Banking System by 137,166.7% in the second quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider's stock valued at $82,000 after acquiring an additional 4,115 shares during the last quarter. 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.