JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $24.00

Columbia Banking System (NASDAQ:COLB - Get Free Report) had its target price decreased by research analysts at JPMorgan Chase & Co. from $26.50 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 5.70% from the stock's current price.

Several other brokerages have also weighed in on COLB. Wells Fargo & Company increased their price objective on shares of Columbia Banking System from $26.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Piper Sandler decreased their price target on shares of Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. DA Davidson raised their price objective on shares of Columbia Banking System from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Wall Street Zen assumed coverage on shares of Columbia Banking System in a research report on Thursday, May 22nd. They set a "hold" rating for the company. Finally, Jefferies Financial Group began coverage on Columbia Banking System in a report on Wednesday, May 21st. They set a "hold" rating and a $27.00 target price for the company. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Columbia Banking System currently has an average rating of "Hold" and an average target price of $29.29.

Columbia Banking System Price Performance

COLB stock traded up $0.38 during trading hours on Tuesday, reaching $25.45. The stock had a trading volume of 2,244,870 shares, compared to its average volume of 1,818,652. The stock has a 50-day simple moving average of $23.62 and a 200 day simple moving average of $25.05. Columbia Banking System has a fifty-two week low of $19.08 and a fifty-two week high of $32.85. The stock has a market capitalization of $5.35 billion, a PE ratio of 10.78 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.04. Columbia Banking System had a return on equity of 11.12% and a net margin of 16.85%. The company had revenue of $481.92 million during the quarter, compared to analysts' expectations of $482.86 million. During the same period last year, the firm posted $0.65 earnings per share. The business's revenue was up 3.7% on a year-over-year basis. On average, sell-side analysts forecast that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Columbia Banking System by 221.3% during the first quarter. JPMorgan Chase & Co. now owns 5,947,950 shares of the financial services provider's stock worth $148,342,000 after purchasing an additional 4,096,733 shares during the last quarter. Norges Bank acquired a new position in shares of Columbia Banking System during the 4th quarter worth $65,249,000. Dimensional Fund Advisors LP lifted its position in shares of Columbia Banking System by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider's stock worth $162,791,000 after buying an additional 1,012,796 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Columbia Banking System during the 4th quarter worth $22,476,000. Finally, MetLife Investment Management LLC boosted its stake in Columbia Banking System by 528.4% in the first quarter. MetLife Investment Management LLC now owns 742,107 shares of the financial services provider's stock valued at $18,508,000 after buying an additional 624,011 shares in the last quarter. 92.53% of the stock is owned by institutional investors.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.