Columbia Banking's Q2 Earnings Disappoint: Analysts Slash Price Targets
Portfolio Pulse from Lekha Gupta
Columbia Banking System Inc (NASDAQ:COLB) reported lower than expected Q2 earnings, with revenues of $523.65 million, missing the consensus of $584.7 million. The company also reduced its guidance for an adjusted net interest margin. As a result, several analysts, including Raymond James, Wells Fargo, and Stephens & Co., lowered their price targets on the company. COLB shares are trading lower by 9.98%.
July 20, 2023 | 5:09 pm
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Columbia Banking's lower than expected Q2 earnings and reduced guidance led to a drop in its share price and analysts lowering their price targets.
Columbia Banking's lower than expected Q2 earnings and reduced guidance have negatively impacted investor sentiment, leading to a drop in its share price. This has also led to several analysts lowering their price targets on the company, further impacting its stock price.
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