Columbia Banking System (NASDAQ:COLB) Price Target Cut to $24.00 by Analysts at JPMorgan Chase & Co.

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

A number of other research firms have also recently issued reports on COLB. Piper Sandler decreased their target price on Columbia Banking System from $32.00 to $30.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on Columbia Banking System from $33.00 to $30.00 and set a "market perform" rating on the stock in a report on Thursday, April 24th. Royal Bank Of Canada decreased their price objective on Columbia Banking System from $32.00 to $27.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Raymond James Financial set a $27.00 target price on Columbia Banking System and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, Jefferies Financial Group initiated coverage on shares of Columbia Banking System in a research note on Wednesday, May 21st. They issued a "hold" rating and a $27.00 price target on the stock. Eleven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Columbia Banking System presently has an average rating of "Hold" and an average target price of $29.29.

Columbia Banking System Trading Up 1.5%

Shares of NASDAQ:COLB traded up $0.38 during mid-day trading 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 firm has a 50 day simple moving average of $23.58 and a two-hundred day simple moving average of $25.07. Columbia Banking System has a twelve month low of $19.08 and a twelve month high of $32.85. The firm has a market cap 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 posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. Columbia Banking System had a net margin of 16.85% and a return on equity of 11.12%. The company had revenue of $481.92 million for the quarter, compared to analyst estimates of $482.86 million. During the same period last year, the business posted $0.65 earnings per share. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities analysts anticipate that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

Several large investors have recently made changes to their positions in COLB. T. Rowe Price Investment Management Inc. raised its position in Columbia Banking System by 0.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 12,742,629 shares of the financial services provider's stock worth $317,802,000 after acquiring an additional 116,795 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Columbia Banking System by 4.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,667,271 shares of the financial services provider's stock worth $191,222,000 after purchasing an additional 351,375 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Columbia Banking System by 0.8% in the 4th quarter. American Century Companies Inc. now owns 7,602,571 shares of the financial services provider's stock valued at $205,345,000 after purchasing an additional 61,242 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Columbia Banking System by 18.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,527,612 shares of the financial services provider's stock valued at $162,791,000 after purchasing an additional 1,012,796 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Columbia Banking System by 221.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,947,950 shares of the financial services provider's stock valued at $148,342,000 after purchasing an additional 4,096,733 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company's stock.

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.