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Why is Columbia Banking System Inc (COLB) Stock down?

10 Apr, 2024:

Columbia Banking System (COLB) stock declined by 5.50% due to a reduction in price target by Royal Bank of Canada and various other analysts' research reports. Some analysts action:

  • Royal Bank of Canada: Reduced the price target for COLB from $25.00 to $21.00 and maintained a sector perform rating on the stock.
  • Keefe, Bruyette & Woods: Lowered their price target on Columbia Banking System from $25.00 to $23.00 and set a market perform rating.
  • DA Davidson: Reduced their price target on COLB from $25.00 to $20.00 and set a neutral rating.
  • JPMorgan Chase & Co.: Decreased their target price on Columbia Banking System from $23.00 to $22.00 and set a neutral rating.
  • TheStreet: Downgraded Columbia Banking System from a b- rating to a c+ rating.
25 Jan, 2024:

Columbia Banking System, Inc. (COLB) stock decreased by 21.14% due to disappointing fourth-quarter 2023 results compared to Wall Street's expectations. In addition, investors may seek tangible evidence of improved performance before regaining confidence in the company's outlook.

  • Profit Headwinds: In Q4, Columbia Banking's operating earnings dropped by 43% year-over-year, reaching $0.44 per share. This figure fell significantly below consensus estimates, which had anticipated $0.79 per share. The company's CEO, Clint Stein, referred to the quarter as "noisy" due to lower expenses related to the merger with Umpqua Holdings being offset by one-time costs and a $33 million non-interest expense related to an FDIC special assessment recorded during the quarter. Additionally, Columbia Banking experienced a modest contraction in net interest income to $454 million from $481 million in the previous quarter, primarily due to higher deposit costs.
  • Future Outlook: Columbia Banking System now aims to focus on optimizing performance and driving shareholder value following the completion of the Umpqua integration. While this strategic shift holds promise for improved profitability, the market's reaction to the disappointing Q4 results has led to a substantial stock price decline.
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