JPMorgan Chase & Co. Issues Pessimistic Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $34.00 to $31.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 11.79% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. UBS Group reiterated a “neutral” rating and issued a $33.00 price target on shares of Columbia Banking System in a report on Wednesday, February 4th. Keefe, Bruyette & Woods boosted their price objective on Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Wall Street Zen raised Columbia Banking System from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Wells Fargo & Company increased their target price on Columbia Banking System from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Citigroup lifted their target price on 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 research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $31.88.

Columbia Banking System Trading Down 0.7%

COLB stock opened at $27.73 on Wednesday. The stock has a market cap of $8.04 billion, a PE ratio of 12.27 and a beta of 0.61. Columbia Banking System has a 12 month low of $19.61 and a 12 month high of $32.70. The company has a 50-day moving average price of $28.93 and a 200 day moving average price of $27.84.

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

Insider Buying and Selling at Columbia Banking System

In other news, VP Torran B. Nixon sold 2,241 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $2,838,249.25. This represents a 2.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven R. Gardner sold 13,725 shares of the firm’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 19,354 shares of company stock worth $561,971 over the last 90 days. 0.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COLB. True Wealth Design LLC increased its position 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 purchasing an additional 864 shares during the period. West Oak Capital LLC purchased a new stake in shares of Columbia Banking System in the 3rd quarter worth approximately $28,000. Quent Capital LLC purchased a new stake in shares of Columbia Banking System in the 3rd quarter worth approximately $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 purchasing an additional 794 shares in the last quarter. Finally, First Horizon Corp bought a new position in shares of Columbia Banking System during the third quarter valued at approximately $31,000. 92.53% of the stock is currently owned by institutional investors.

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.