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

Columbia Banking System (NASDAQ:COLB) had its price objective trimmed by JPMorgan Chase & Co. from $35.00 to $33.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the company. Citigroup decreased their target price on Columbia Banking System from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, September 22nd. Zacks Research upgraded shares of Columbia Banking System from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Fundamental Research set a $35.00 price target on shares of Columbia Banking System in a research report on Wednesday, July 1st. Barclays decreased their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Monday, August 3rd. Finally, Royal Bank Of Canada raised their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $33.42.

Columbia Banking System Trading Up 0.7%

Shares of COLB opened at $28.92 on Thursday. Columbia Banking System has a twelve month low of $23.83 and a twelve month high of $33.67. The firm has a market capitalization of $8.18 billion, a P/E ratio of 11.52, a price-to-earnings-growth ratio of 2.86 and a beta of 0.66. The stock’s fifty day simple moving average is $30.49 and its 200 day simple moving average is $30.05.

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

Columbia Banking System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were paid a $0.37 dividend. The ex-dividend date was Friday, August 28th. This represents a $1.48 annualized dividend and a dividend yield of 5.1%. Columbia Banking System’s dividend payout ratio is 58.96%.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in Columbia Banking System by 28.6% in the 3rd quarter. Versant Capital Management Inc now owns 7,564 shares of the financial services provider’s stock worth $216,000 after buying an additional 1,681 shares in the last quarter. Cim Investment Management Inc. boosted its position in Columbia Banking System by 7.4% in the 2nd quarter. Cim Investment Management Inc. now owns 12,069 shares of the financial services provider’s stock valued at $387,000 after buying an additional 834 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Columbia Banking System by 7.9% during the second quarter. QRG Capital Management Inc. now owns 13,770 shares of the financial services provider’s stock valued at $441,000 after acquiring an additional 1,014 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Columbia Banking System during the second quarter valued at about $553,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Columbia Banking System during the second quarter valued at about $119,000. Hedge funds and other 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.