JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $31.00

Columbia Banking System (NASDAQ:COLB) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $34.00 to $31.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 10.97% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. UBS Group reaffirmed a “neutral” rating and issued a $33.00 target price on shares of Columbia Banking System in a report on Wednesday, February 4th. TD Cowen reiterated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. DA Davidson raised their price objective on shares of Columbia Banking System from $30.00 to $32.50 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Royal Bank Of Canada increased their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings lowered Columbia Banking System from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $32.04.

Columbia Banking System Stock Up 1.8%

NASDAQ:COLB traded up $0.51 during mid-day trading on Wednesday, reaching $27.94. 1,813,588 shares of the stock were exchanged, compared to its average volume of 2,953,303. The company has a 50 day simple moving average of $29.00 and a 200-day simple moving average of $27.84. The stock has a market capitalization of $8.26 billion, a P/E ratio of 12.36 and a beta of 0.60. Columbia Banking System has a 1 year low of $19.61 and a 1 year high of $32.70.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The company had revenue of $715.00 million during the quarter, compared to analysts’ expectations of $693.23 million. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.During the same quarter in the previous year, the business earned $0.71 earnings per share. As a group, research analysts predict that Columbia Banking System will post 2.71 EPS for the current year.

Insider Activity

In related news, Director Steven R. Gardner sold 13,725 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Torran B. Nixon sold 2,241 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total transaction of $63,308.25. Following the completion of the sale, the vice president owned 100,469 shares of the company’s stock, valued at approximately $2,838,249.25. The trade was a 2.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,354 shares of company stock valued at $561,971 over the last three months. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Columbia Banking System

Several hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC boosted its stake in shares of Columbia Banking System by 37.9% in the fourth quarter. Corient Private Wealth LLC now owns 47,467 shares of the financial services provider’s stock valued at $1,329,000 after buying an additional 13,053 shares in the last quarter. Hsbc Holdings PLC raised its position in Columbia Banking System by 356.4% in the fourth quarter. Hsbc Holdings PLC now owns 60,918 shares of the financial services provider’s stock worth $1,707,000 after acquiring an additional 47,570 shares in the last quarter. DGS Capital Management LLC acquired a new stake in Columbia Banking System in the fourth quarter valued at $217,000. Kera Capital Partners Inc. acquired a new stake in Columbia Banking System in the fourth quarter valued at $220,000. Finally, Invesco Ltd. boosted its position in shares of Columbia Banking System by 8.6% during the 4th quarter. Invesco Ltd. now owns 4,170,284 shares of the financial services provider’s stock worth $116,559,000 after purchasing an additional 330,573 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.