How did COLB's Q3 earnings surprise impact its stock?

Columbia Banking System, Inc. (COLB) experienced a positive stock price reaction following the release of its Q3 2024 earnings report, which exceeded market expectations. The company's stock traded up 7.5% on Friday after the earnings announcement, reaching a high of $26.23 and closing at $26.01, according to the American Banking News website. The positive stock movement indicates that investors responded favorably to the news of the company's strong earnings performance, potentially viewing it as a sign of robust financial health and future growth prospects. This sentiment was likely bolstered by the fact that COLB's actual earnings per share (EPS) of $0.67 exceeded both the forecasted EPS of $0.61 by DA Davidson and the revised forecast of $0.57 by Wedbush, suggesting that the company performed better than analysts had anticipated. |code|Ticker|Name|Date|Revenue Surprise|Percentage Change|market_code| |---|---|---|---|---|---|---| |COLB|COLB.O|Columbia Banking System|20240701||-0.3017|185| |COLB|COLB.O|Columbia Banking System|20240702||0|185| |COLB|COLB.O|Columbia Banking System|20240703||-1.3616|185| |COLB|COLB.O|Columbia Banking System|20240705||-2.1984|185| |COLB|COLB.O|Columbia Banking System|20240708||2.3001|185| |COLB|COLB.O|Columbia Banking System|20240709||3.0148|185| |COLB|COLB.O|Columbia Banking System|20240710||3.0258|185| |COLB|COLB.O|Columbia Banking System|20240711||3.6591|185| |COLB|COLB.O|Columbia Banking System|20240712||-0.418|185| |COLB|COLB.O|Columbia Banking System|20240715||4.0112|185|