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These Analysts Cut Their Forecasts On Columbia Banking System After Q4 Results

Published 25/01/2024, 20:02
© Reuters. These Analysts Cut Their Forecasts On Columbia Banking System After Q4 Results
COLB
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Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Columbia Banking System, Inc. (NASDAQ: COLB) reported weaker-than-expected fourth-quarter financial results on Wednesday.

Columbia Banking System posted adjusted earnings of 44 cents per share, missing market estimates of 79 cents per share. The company’s quarterly sales came in at $519.16 million versus expectations of $526.68 million, according to data from Benzinga Pro.

"It was a historic year for Columbia Banking System and Umpqua Bank," said Clint Stein, President and CEO. "We closed and integrated the transformational combination of the Northwest's premier banking organizations, expanding our footprint to encompass eight Western states as we achieved our cost-savings targets ahead of schedule and above our original projections. With the integration behind us, we are now turning our focus to optimizing performance and driving shareholder value."

Columbia Banking shares fell 22.3% to trade at $19.89 on Thursday.

These analysts made changes to their price targets on Columbia Banking System after the company reported quarterly results.

  • Piper Sandler cut the price target on Columbia Banking System from $36 to $29. Piper Sandler analyst Matthew Clark maintained an Overweight rating.
  • DA Davidson lowered Columbia Banking System price target from $32 to $25. DA Davidson analyst Jeff Rulis downgraded the stock from Buy to Neutral.
  • RBC Capital slashed the price target on Columbia Banking System from $28 to $25. RBC Capital analyst Jon Arfstrom maintained a Sector Perform rating.
  • Wedbush cut the price target on Columbia Banking System from $29 to $24. Wedbush analyst David Chiaverini maintained a Neutral rating.

Now Read This: Jim Cramer: This Healthcare Stock Is 'Too Risky,' But Shares Jumped 64% Over Past Month

Latest Ratings for COLB

DateFirmActionFromTo
Nov 2021Raymond JamesMaintainsOutperform
Oct 2021DA DavidsonUpgradesNeutralBuy
Oct 2021RBC CapitalMaintainsSector Perform
View More Analyst Ratings for COLB

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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