Columbia Financial (NASDAQ:CLBK) Issues Quarterly Earnings Results

Key Points

• Columbia Financial reported earnings of $0.15 per share for the quarter, surpassing the consensus estimate of $0.13.
• The company announced a share buyback program allowing the repurchase of $1.80 million in outstanding shares, indicating confidence from leadership in stock valuation.
• Weiss Ratings has maintained a 'sell' rating for Columbia Financial, with a consensus rating of "Reduce" and an average target price of $16.00.

Columbia Financial (NASDAQ:CLBK - Get Free Report) posted its quarterly earnings data on Monday. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02, Zacks reports. Columbia Financial had a net margin of 1.24% and a return on equity of 3.58%.

Columbia Financial Stock Up 3.3%

Shares of CLBK stock traded up $0.45 during trading on Monday, reaching $14.18. The company's stock had a trading volume of 144,087 shares, compared to its average volume of 128,904. The business has a fifty day moving average price of $14.95 and a 200-day moving average price of $14.55. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.14. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 236.33 and a beta of 0.34. Columbia Financial has a one year low of $12.64 and a one year high of $19.28.

Columbia Financial announced that its Board of Directors has approved a share buyback program on Monday, September 8th that allows the company to repurchase $1.80 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 0.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (d)" rating on shares of Columbia Financial in a research note on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Columbia Financial currently has a consensus rating of "Reduce" and an average target price of $16.00.

Hedge Funds Weigh In On Columbia Financial

A number of institutional investors have recently added to or reduced their stakes in CLBK. Occudo Quantitative Strategies LP increased its holdings in Columbia Financial by 27.7% during the second quarter. Occudo Quantitative Strategies LP now owns 15,093 shares of the company's stock worth $219,000 after buying an additional 3,274 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Columbia Financial by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,384 shares of the company's stock worth $246,000 after buying an additional 702 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Columbia Financial by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 17,949 shares of the company's stock worth $260,000 after buying an additional 1,342 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in Columbia Financial by 60.8% during the second quarter. Rafferty Asset Management LLC now owns 22,330 shares of the company's stock worth $324,000 after buying an additional 8,444 shares during the last quarter. Finally, Quantinno Capital Management LP increased its holdings in Columbia Financial by 130.1% during the second quarter. Quantinno Capital Management LP now owns 23,297 shares of the company's stock worth $338,000 after buying an additional 13,171 shares during the last quarter. 12.72% of the stock is currently owned by institutional investors and hedge funds.

Columbia Financial Company Profile

Columbia Financial, Inc, a bank holding company, provides various financial services to businesses and consumers in the United States. Its deposit products include checking, interest-earning checking products and municipal, savings and club deposits, and money market accounts, as well as certificates of deposit.

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