Columbia Banking System (NASDAQ:COLB) Price Target Lowered to $28.00 at JPMorgan Chase & Co.

Columbia Banking System (NASDAQ:COLB) had its price target reduced by JPMorgan Chase & Co. from $29.00 to $28.00 in a research note published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Other analysts have also issued reports about the company. Royal Bank of Canada boosted their price objective on Columbia Banking System from $21.00 to $26.00 and gave the company a sector perform rating in a research note on Friday, July 26th. Truist Financial cut their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a hold rating for the company in a research report on Friday, September 20th. Keefe, Bruyette & Woods boosted their price objective 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. Wells Fargo & Company increased their target price 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. Finally, Stephens upped their price target on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $25.81.

Columbia Banking System Stock Up 3.7 %

Shares of NASDAQ:COLB opened at $26.90 on Wednesday. The firm has a market capitalization of $5.64 billion, a PE ratio of 11.90 and a beta of 0.64. The company has a 50-day moving average price of $24.67 and a two-hundred day moving average price of $21.63. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11.

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

Columbia Banking System Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were issued a dividend of $0.36 per share. The ex-dividend date was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.35%. Columbia Banking System’s dividend payout ratio is 63.72%.

Institutional Trading of Columbia Banking System

Several hedge funds and other institutional investors have recently bought and sold shares of COLB. Dimensional Fund Advisors LP lifted its holdings in shares of Columbia Banking System by 812.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after acquiring an additional 2,833,744 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its stake 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 during the last quarter. Wellington Management Group LLP boosted its position in Columbia Banking System by 16.2% during the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after buying an additional 637,212 shares during the period. Vanguard Group Inc. boosted 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 buying an additional 574,509 shares during the period. Finally, Pzena Investment Management LLC grew its stake in shares of Columbia Banking System by 29.8% during the first quarter. Pzena Investment Management LLC now owns 2,456,438 shares of the financial services provider’s stock valued at $47,532,000 after buying an additional 563,674 shares during the last quarter. Hedge funds and other 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.