JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $22.00

Columbia Banking System (NASDAQ:COLB) had its price target reduced by JPMorgan Chase & Co. from $23.00 to $22.00 in a report released on Thursday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

COLB has been the topic of several other research reports. Keefe, Bruyette & Woods cut their price objective on Columbia Banking System from $25.00 to $23.00 and set a market perform rating on the stock in a report on Friday, April 5th. Royal Bank of Canada reduced their price target on shares of Columbia Banking System from $25.00 to $21.00 and set a sector perform rating for the company in a research report on Tuesday, April 9th. Piper Sandler reaffirmed an overweight rating and issued a $27.00 price objective on shares of Columbia Banking System in a research note on Wednesday, June 5th. Wedbush reissued a neutral rating and set a $20.00 target price on shares of Columbia Banking System in a research note on Friday, April 26th. Finally, Wells Fargo & Company reduced their target price on Columbia Banking System from $25.00 to $22.00 and set an equal weight rating for the company in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $22.04.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $19.89 on Thursday. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 8.54 and a beta of 0.67. Columbia Banking System has a 1-year low of $17.08 and a 1-year high of $28.11. The company has a 50 day moving average price of $19.25 and a 200 day moving average price of $20.48.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.12. The business had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company posted $0.46 EPS. On average, sell-side analysts expect that Columbia Banking System will post 2.44 EPS for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 24th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.24%. The ex-dividend date was Thursday, May 23rd. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Institutional Investors Weigh In On Columbia Banking System

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Columbia Banking System by 2.6% in 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 acquiring an additional 574,509 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Columbia Banking System by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock valued at $207,809,000 after purchasing an additional 700,643 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Columbia Banking System by 16.2% in the 4th quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after purchasing an additional 637,212 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after purchasing an additional 788,383 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Columbia Banking System by 32.5% during the third quarter. American Century Companies Inc. now owns 3,939,877 shares of the financial services provider’s stock worth $79,980,000 after buying an additional 967,009 shares during the last quarter. Institutional investors 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.