Columbia Banking System (NASDAQ:COLB) PT Lowered to $28.00

Columbia Banking System (NASDAQ:COLB) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $29.00 to $28.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 7.90% from the stock’s previous close.

COLB has been the topic of several other research reports. Keefe, Bruyette & Woods raised their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Barclays lifted their price objective on shares of Columbia Banking System from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Wells Fargo & Company lifted their price objective on shares of Columbia Banking System from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their price objective on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Finally, Truist Financial lowered their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.81.

Columbia Banking System Trading Down 0.2 %

Columbia Banking System stock opened at $25.95 on Wednesday. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 11.14 and a beta of 0.64. The company’s 50-day moving average price is $24.61 and its two-hundred day moving average price is $21.55. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. The firm had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. Columbia Banking System’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. Research analysts expect that Columbia Banking System will post 2.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in COLB. LSV Asset Management purchased a new position in Columbia Banking System during the first quarter valued at approximately $2,850,000. BNP Paribas Financial Markets grew its position in Columbia Banking System by 185.1% during the first quarter. BNP Paribas Financial Markets now owns 173,776 shares of the financial services provider’s stock valued at $3,363,000 after purchasing an additional 112,826 shares in the last quarter. First Hawaiian Bank grew its position in Columbia Banking System by 81.4% during the second quarter. First Hawaiian Bank now owns 52,594 shares of the financial services provider’s stock valued at $1,046,000 after purchasing an additional 23,597 shares in the last quarter. Vanguard Group Inc. grew its position in Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock valued at $432,041,000 after purchasing an additional 574,509 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Columbia Banking System by 7.6% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 420,374 shares of the financial services provider’s stock valued at $8,135,000 after purchasing an additional 29,728 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

About Columbia Banking System

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.