J.P. Morgan analyst Anthony Elian maintains $Columbia Banking System (COLB.US)$ with a hold rating, and adjusts the target price from $28 to $31.
According to TipRanks data, the analyst has a success rate of 21.2% and a total average return of -7.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Columbia Banking System (COLB.US)$'s main analysts recently are as follows:
The bank is showing signs of progress with its recent market expansion and strategic personnel additions following the quarterly report.
Columbia Banking's recent financial results surpassed expectations, and their forecasts were largely reconfirmed. Despite a less than anticipated increase in deposits, the boost in noninterest bearing deposits combined with a robust growth in customer interest bearing deposits enabled the reduction of brokered deposits by 20% and facilitated the retirement of some wholesale borrowings.
The reassessment of Columbia Banking's financial performance follows its quarterly results, with the observation that deposit repricing is a key factor propelling net interest income. However, the outlook is expected to grow more complex once the peak in funding beta is reached, coinciding with a reduction in accretion income and subdued balance sheet expansion.
Note:
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