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

Key Points

• JPMorgan lowered Columbia Banking System’s price target to $33 from $35 while maintaining a “neutral” rating, implying 17.71% upside from the prior close.
• Analyst sentiment remains cautious: five analysts rate the stock a Buy and eight rate it a Hold, producing an average rating of “Hold” and a consensus price target of $33.42.
• COLB shares fell to $28.04, while the company’s latest quarterly results exceeded earnings expectations with EPS of $0.76 versus the $0.73 consensus, despite revenue coming in below estimates.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price target lowered by research analysts at JPMorgan Chase & Co. from $35.00 to $33.00 in a 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 target price suggests a potential upside of 17.71% from the company's previous close.

Several other equities research analysts also recently issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Barclays lowered their target price on Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research note on Monday, August 3rd. Fundamental Research set a $35.00 price target on Columbia Banking System in a report on Wednesday, July 1st. Keefe, Bruyette & Woods boosted their price target on Columbia Banking System from $34.00 to $35.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Finally, Citigroup decreased their price objective on Columbia Banking System from $32.00 to $31.00 and set a "neutral" rating on the stock in a report on Tuesday, September 22nd. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $33.42.

Columbia Banking System Price Performance

COLB stock traded down $0.56 during midday trading on Thursday, reaching $28.04. 690,607 shares of the company were exchanged, compared to its average volume of 2,886,383. The business has a 50-day moving average price of $30.61 and a two-hundred day moving average price of $30.05. Columbia Banking System has a one year low of $23.83 and a one year high of $33.67. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of 11.17, a price-to-earnings-growth ratio of 2.84 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The company had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same period in the prior year, the firm earned $0.76 earnings per share. As a group, analysts anticipate that Columbia Banking System will post 3.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds have recently added to or reduced their stakes in the stock. Cim Investment Management Inc. raised its stake in Columbia Banking System by 7.4% in the second quarter. Cim Investment Management Inc. now owns 12,069 shares of the financial services provider's stock valued at $387,000 after purchasing an additional 834 shares in the last quarter. QRG Capital Management Inc. grew its stake in 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 worth $441,000 after buying an additional 1,014 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Columbia Banking System during the second quarter worth about $553,000. Integrated Wealth Concepts LLC bought a new position in Columbia Banking System in the 2nd quarter valued at about $119,000. Finally, Cypress Capital Management LLC WY bought a new position in Columbia Banking System in the 2nd quarter valued at about $58,000. Institutional investors own 92.53% of the company's stock.

Columbia Banking System Company Profile

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.

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