JPMorgan Chase & Co. Cuts Columbia Banking System (NASDAQ:COLB) Price Target to $31.00

Columbia Banking System (NASDAQ:COLB) had its price target reduced by JPMorgan Chase & Co. from $34.00 to $31.00 in a research note released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. TD Cowen reissued a “hold” rating on shares of Columbia Banking System in a research note on Wednesday, January 7th. Wells Fargo & Company raised their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Barclays lifted their price target on shares of Columbia Banking System from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. Finally, DA Davidson upped their price target on Columbia Banking System from $30.00 to $32.50 and gave the company a “neutral” rating in a report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $31.88.

Columbia Banking System Price Performance

Shares of Columbia Banking System stock opened at $27.73 on Wednesday. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of 12.27 and a beta of 0.61. The business has a fifty day simple moving average of $28.91 and a 200-day simple moving average of $27.86. Columbia Banking System has a fifty-two week low of $19.61 and a fifty-two week high of $32.70.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The firm had revenue of $715.00 million for the quarter, compared to analyst estimates of $693.23 million. During the same period in the previous year, the company earned $0.71 earnings per share. Analysts anticipate that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 5.3%. The ex-dividend date was Friday, February 27th. Columbia Banking System’s dividend payout ratio (DPR) is presently 65.49%.

Insider Activity at Columbia Banking System

In related news, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Torran B. Nixon sold 2,241 shares of Columbia Banking System stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total transaction of $63,308.25. Following the transaction, the vice president owned 100,469 shares in the company, valued at approximately $2,838,249.25. The trade was a 2.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 19,354 shares of company stock worth $561,971. 0.68% of the stock is currently owned by insiders.

Institutional Trading of Columbia Banking System

Several hedge funds and other institutional investors have recently modified their holdings of the business. True Wealth Design LLC grew its holdings in shares of Columbia Banking System by 612.8% during the third quarter. True Wealth Design LLC now owns 1,005 shares of the financial services provider’s stock valued at $26,000 after buying an additional 864 shares in the last quarter. West Oak Capital LLC purchased a new stake in Columbia Banking System in the 3rd quarter worth about $28,000. Quent Capital LLC acquired a new stake in Columbia Banking System during the 3rd quarter worth about $29,000. First Horizon Corp acquired a new stake in Columbia Banking System during the 3rd quarter worth about $31,000. Finally, Geneos Wealth Management Inc. grew its stake in Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 794 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.