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

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

Other equities research analysts also recently issued research reports about the company. Raymond James boosted their price objective on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. UBS Group started coverage on shares of Columbia Banking System in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Wells Fargo & Company upgraded shares of Columbia Banking System from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $33.00 to $35.00 in a report on Monday. Truist Financial upped their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, October 28th. Finally, StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Ten research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $29.31.

Columbia Banking System Stock Down 0.8 %

NASDAQ:COLB opened at $27.20 on Tuesday. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $32.85. The company has a fifty day moving average of $29.34 and a 200-day moving average of $26.02. The firm has a market capitalization of $5.70 billion, a P/E ratio of 11.77 and a beta of 0.67.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.07. The firm had revenue of $765.06 million during the quarter, compared to the consensus estimate 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 previous year, the firm posted $0.79 earnings per share. On average, analysts anticipate that Columbia Banking System will post 2.63 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.36 per share. The ex-dividend date was Friday, November 29th. This represents a $1.44 annualized dividend and a yield of 5.29%. Columbia Banking System’s payout ratio is currently 62.34%.

Institutional Trading of Columbia Banking System

Several hedge funds have recently added to or reduced their stakes in COLB. Allspring Global Investments Holdings LLC raised its holdings 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 purchasing an additional 1,380 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Columbia Banking System by 18.7% during the 2nd 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 grew its stake in shares of 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 acquiring an additional 26,877 shares during the period. Arizona State Retirement System increased its holdings in 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 worth $1,162,000 after acquiring an additional 1,085 shares during the last quarter. Finally, LSV Asset Management raised its stake in 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 acquiring an additional 491,742 shares during the period. 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.