Columbia Banking System (NASDAQ:COLB) Price Target Cut to $31.00 by Analysts at JPMorgan Chase & Co.

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

Several other analysts also recently weighed in on COLB. Piper Sandler lifted their target price on shares of Columbia Banking System from $34.50 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 26th. TD Cowen restated a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. Citigroup raised their price target on Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Keefe, Bruyette & Woods lifted their price objective on Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Finally, UBS Group reiterated a “neutral” rating and issued a $33.00 price objective on shares of Columbia Banking System in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Columbia Banking System currently has a consensus rating of “Hold” and an average target price of $32.04.

Columbia Banking System Stock Up 1.8%

COLB stock traded up $0.51 during mid-day trading on Wednesday, hitting $27.94. 1,813,588 shares of the company were exchanged, compared to its average volume of 2,953,303. The firm has a market capitalization of $8.26 billion, a P/E ratio of 12.36 and a beta of 0.60. The business has a fifty day simple moving average of $29.00 and a 200-day simple moving average of $27.84. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.70.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results 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. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The business had revenue of $715.00 million during the quarter, compared to analysts’ expectations of $693.23 million. During the same period last year, the business earned $0.71 earnings per share. Research analysts predict that Columbia Banking System will post 2.71 EPS for the current year.

Insiders Place Their Bets

In other Columbia Banking System news, VP Torran B. Nixon sold 2,241 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total value of $63,308.25. Following the sale, the vice president owned 100,469 shares of the company’s stock, valued at $2,838,249.25. This trade represents a 2.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $403,926.75. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 19,354 shares of company stock valued at $561,971. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Columbia Banking System

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. True Wealth Design LLC boosted its holdings in shares of Columbia Banking System by 612.8% in the 3rd quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after buying an additional 864 shares in the last quarter. West Oak Capital LLC acquired a new stake in Columbia Banking System during the 3rd quarter worth $28,000. Quent Capital LLC purchased a new stake in Columbia Banking System in the third quarter valued at $29,000. Geneos Wealth Management Inc. lifted its position in Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 794 shares during the last quarter. Finally, First Horizon Corp acquired a new position in Columbia Banking System in the third quarter valued at $31,000. 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.