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

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

A number of other equities research analysts also recently commented on COLB. Wall Street Zen raised Columbia Banking System from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. DA Davidson increased their price target on shares of Columbia Banking System from $30.00 to $32.50 and gave the company a “neutral” rating in a report on Friday, January 23rd. Barclays raised their price objective on shares of Columbia Banking System from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Friday, December 19th. Piper Sandler boosted their price objective on shares of Columbia Banking System from $34.50 to $36.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Finally, Citigroup upped their target price on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Columbia Banking System presently has an average rating of “Hold” and a consensus target price of $32.04.

Columbia Banking System Trading Up 1.8%

NASDAQ COLB opened at $27.92 on Wednesday. The business’s 50 day moving average is $28.97 and its two-hundred day moving average is $27.84. Columbia Banking System has a 12-month low of $19.61 and a 12-month high of $32.70. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 12.35 and a beta of 0.61.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate 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 business had revenue of $715.00 million during the quarter, compared to analysts’ expectations of $693.23 million. During the same period last year, the firm earned $0.71 EPS. Equities analysts forecast that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

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

Insider Activity

In related news, VP Torran B. Nixon sold 2,240 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total value of $64,624.00. Following the sale, the vice president directly owned 98,229 shares of the company’s stock, valued at approximately $2,833,906.65. This represents a 2.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $29.43, for a total transaction of $403,926.75. The SEC filing for this sale provides additional information. Insiders sold a total of 19,354 shares of company stock worth $561,971 over the last quarter. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COLB. True Wealth Design LLC grew its holdings in Columbia Banking System by 612.8% during the 3rd 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 during the last quarter. West Oak Capital LLC acquired a new position in shares of Columbia Banking System in the third quarter worth $28,000. Quent Capital LLC purchased a new stake in shares of Columbia Banking System in the third quarter valued at $29,000. Geneos Wealth Management Inc. boosted its stake in shares of Columbia Banking System by 194.6% during the first 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 during the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Columbia Banking System during the third quarter valued at $31,000. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

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.