Regional banking company Columbia Banking System (NASDAQ: COLB) will be announcing earnings results this Thursday afternoon. Here’s what to expect.
Columbia Banking System beat analysts’ revenue expectations last quarter, reporting revenues of $717 million, up 45.2% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.
Is Columbia Banking System a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Columbia Banking System’s revenue to grow 40.1% year on year, improving from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Columbia Banking System has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Columbia Banking System’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and East West Bank reported revenues up 11.8%, topping estimates by 2.8%.
Read our full analysis of OFG Bancorp’s results here and East West Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.8% on average over the last month. Columbia Banking System is up 9.4% during the same time and is heading into earnings with an average analyst price target of $31.38 (compared to the current share price of $29.40).
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