JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $33.00

Columbia Banking System (NASDAQ:COLB) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $35.00 to $33.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 17.71% from the stock’s previous close.

A number of other research analysts have also recently issued reports on COLB. Royal Bank Of Canada lifted their target price on Columbia Banking System from $34.00 to $35.00 and gave the company a “sector perform” rating in a research report on Friday, July 24th. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price target on shares of Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Weiss Ratings cut shares of Columbia Banking System from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, September 8th. Finally, Zacks Research raised shares of Columbia Banking System from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $33.42.

Columbia Banking System Stock Down 2.0%

Shares of COLB stock traded down $0.56 during trading hours on Thursday, reaching $28.04. The company’s stock had a trading volume of 690,607 shares, compared to its average volume of 2,886,383. The firm’s 50 day simple moving average is $30.61 and its 200-day simple moving average is $30.05. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 2.84 and a beta of 0.62. Columbia Banking System has a fifty-two week low of $23.83 and a fifty-two week high of $33.67.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.The company had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same quarter last year, the company posted $0.76 EPS. Sell-side analysts predict that Columbia Banking System will post 3.03 earnings per share for the current year.

Institutional Trading of Columbia Banking System

Several institutional investors have recently modified their holdings of COLB. BlackRock Inc. bought a new position in shares of Columbia Banking System during the 2nd quarter worth approximately $880,443,000. Bank of New York Mellon Corp bought a new stake in shares of Columbia Banking System in the 2nd quarter valued at $120,867,000. Norges Bank bought a new stake in shares of Columbia Banking System in the 4th quarter valued at $103,012,000. The Manufacturers Life Insurance Company acquired a new position in shares of Columbia Banking System during the 2nd quarter valued at $68,906,000. Finally, Pzena Investment Management LLC acquired a new position in shares of Columbia Banking System during the 2nd quarter valued at $68,245,000. Institutional investors own 92.53% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc (NASDAQ: COLB) is a bank holding company headquartered in Tacoma, Washington. Through its subsidiary, Umpqua Bank, the company provides a range of banking and financial services to individuals, families, businesses and institutions.

Umpqua Bank’s offerings include deposit accounts, consumer and commercial lending, real estate finance, treasury management, cash management, investment services and other business banking solutions. The bank serves small and middle-market companies as well as retail customers through branches, digital banking platforms and relationship-based financial services.

Columbia Banking System traces its history to the formation of Columbia Bank in Washington in 1993.