Columbia Banking System (NASDAQ:COLB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised its price target on Columbia Banking System from $31 to $35, while keeping a neutral rating. That implies roughly 8.15% upside from the current share price.
• The stock was trading up 1.0% at $32.36, near its 52-week high of $32.70. Columbia Banking System also carries a market cap of about $9.37 billion and a P/E ratio of 12.92.
• The company recently reported quarterly EPS of $0.72, beating estimates by $0.04, with revenue up 37.9% year over year. However, analyst sentiment remains mixed, with a consensus rating of Hold and a consensus price target of $32.65.

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $31.00 to $35.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 8.15% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company upped their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Monday, March 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of Columbia Banking System in a research note on Monday. UBS Group assumed coverage on shares of Columbia Banking System in a research report on Tuesday, April 7th. They set a "neutral" rating and a $30.00 price target for the company. Wall Street Zen cut Columbia Banking System from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Finally, Barclays decreased their price objective on Columbia Banking System from $30.00 to $29.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Columbia Banking System currently has a consensus rating of "Hold" and a consensus price target of $32.65.

Columbia Banking System Stock Up 1.0%

Shares of NASDAQ COLB traded up $0.31 during trading hours on Wednesday, reaching $32.36. 292,724 shares of the stock traded hands, compared to its average volume of 2,880,280. The company has a market capitalization of $9.37 billion, a P/E ratio of 12.92 and a beta of 0.63. Columbia Banking System has a 52-week low of $22.77 and a 52-week high of $32.70. The company's 50-day simple moving average is $29.96 and its two-hundred day simple moving average is $29.25.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.The business had revenue of $675.00 million during the quarter, compared to analyst estimates of $677.34 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Columbia Banking System's revenue for the quarter was up 37.9% on a year-over-year basis. As a group, sell-side analysts forecast that Columbia Banking System will post 3.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares of the company's stock, valued at $554,793.72. This trade represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by insiders.

Institutional Trading of Columbia Banking System

Institutional investors have recently modified their holdings of the company. TD Waterhouse Canada Inc. grew its stake in shares of Columbia Banking System by 6.2% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,949 shares of the financial services provider's stock worth $166,000 after purchasing an additional 348 shares during the last quarter. Hilton Head Capital Partners LLC raised its position in Columbia Banking System by 25.8% during the 1st quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 399 shares during the last quarter. State of Michigan Retirement System lifted its holdings in Columbia Banking System by 0.6% in the 1st quarter. State of Michigan Retirement System now owns 71,041 shares of the financial services provider's stock worth $1,949,000 after buying an additional 400 shares during the period. Kera Capital Partners Inc. lifted its holdings in Columbia Banking System by 5.7% in the 1st quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider's stock worth $217,000 after buying an additional 425 shares during the period. Finally, Quadrant Capital Group LLC grew its position in shares of Columbia Banking System by 1.2% in the 4th quarter. Quadrant Capital Group LLC now owns 38,350 shares of the financial services provider's stock worth $1,072,000 after buying an additional 444 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

About Columbia Banking System

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.

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