visimoney
TLDR:
Columbia Banking System reported weaker than expected earnings per share for the fourth quarter, causing several Wall Street analysts to downgrade the stock. Earnings per share came in at 45 cents, down from 88 cents the previous year and below the estimated 79 cents. Revenue for the quarter also missed expectations. The company cited increased funding costs and pressure on the net interest margin as reasons for the disappointing results. The company’s guidance for FY24 was also below expectations. As a result, analysts at DA Davidson downgraded the stock to Neutral from Buy, while Wedbush reiterated a Neutral rating. Shares of Columbia Banking System fell 16% in pre-market trading.
Columbia Banking System reported weaker than expected earnings per share for the fourth quarter, causing several Wall Street analysts to downgrade the stock. Earnings per share came in at 45 cents, down from 88 cents the previous year and below the estimated 79 cents. Revenue for the quarter also missed expectations. The company cited increased funding costs and pressure
