Regional banking company Columbia Banking System (NASDAQ: COLB) will be reporting earnings this Thursday afternoon. Here’s what you need to know.
Columbia Banking System beat analysts’ revenue expectations by 1.8% last quarter, reporting revenues of $491.4 million, up 3.7% year on year. It was a satisfactory quarter for the company, with a narrow beat of analysts’ tangible book value per share estimates but EPS in line with analysts’ estimates.
Is Columbia Banking System a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Columbia Banking System’s revenue to grow 4.3% year on year to $492.3 million, a reversal from the 9.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.66 per share.
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 five times over the last two years.
Looking at Columbia Banking System’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. City Holding delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 3%, and Texas Capital Bank reported revenues up 15.2%, topping estimates by 2.7%. Texas Capital Bank traded up 4.8% following the results.
Read our full analysis of City Holding’s results here and Texas Capital Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.2% on average over the last month. Columbia Banking System is up 6.2% during the same time and is heading into earnings with an average analyst price target of $26.75 (compared to the current share price of $24.33).
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