JPMorgan Chase & Co. Issues Positive Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its target price lifted by JPMorgan Chase & Co. from $31.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 8.15% from the stock’s previous close.

Other analysts have also issued reports about the stock. Wells Fargo & Company raised their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Wall Street Zen downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Piper Sandler increased their target price on Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. UBS Group started coverage on Columbia Banking System in a research report on Tuesday, April 7th. They set a “neutral” rating and a $30.00 price target on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Columbia Banking System in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $32.65.

Columbia Banking System Trading Up 1.0%

NASDAQ COLB traded up $0.31 during trading on Wednesday, hitting $32.36. The company had a trading volume of 292,724 shares, compared to its average volume of 2,880,280. The company’s fifty day moving average is $29.96 and its 200-day moving average is $29.25. Columbia Banking System has a one year low of $22.77 and a one year high of $32.70. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 12.92 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. The firm had revenue of $675.00 million for the quarter, compared to analyst estimates of $677.34 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The company’s revenue for the quarter was up 37.9% compared to the same quarter last year. As a group, equities analysts anticipate that Columbia Banking System will post 3.08 EPS for the current year.

Insider Activity

In other news, CMO Devine David Moore sold 3,872 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares of the company’s stock, valued at $554,793.72. The trade was a 17.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its holdings in shares of Columbia Banking System by 14.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,536,008 shares of the financial services provider’s stock worth $193,977,000 after purchasing an additional 929,862 shares in the last quarter. HoldCo Asset Management LP lifted its holdings in shares of Columbia Banking System by 27.6% during the third quarter. HoldCo Asset Management LP now owns 5,722,786 shares of the financial services provider’s stock valued at $147,305,000 after purchasing an additional 1,239,489 shares in the last quarter. Lighthouse Investment Partners LLC boosted its position in shares of Columbia Banking System by 268.5% during the third quarter. Lighthouse Investment Partners LLC now owns 664,684 shares of the financial services provider’s stock valued at $17,109,000 after buying an additional 484,304 shares during the last quarter. BW Gestao de Investimentos Ltda. bought a new stake in Columbia Banking System in the 4th quarter worth about $9,782,000. Finally, Easterly Investment Partners LLC raised its position in Columbia Banking System by 10.6% in the 4th quarter. Easterly Investment Partners LLC now owns 713,206 shares of the financial services provider’s stock worth $19,934,000 after buying an additional 68,388 shares during the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

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.