Columbia Financial (NASDAQ:CLBK) Shares Gap Down - Here's What Happened

Key Points

• Columbia Financial's stock price **gapped down** from $15.38 to $14.72 at market open, and last traded at $15.17, with a trading volume of 3,876 shares.
• The company reported a **quarterly EPS of $0.12**, surpassing estimates, with revenues of $63.88 million exceeding analyst expectations of $53.20 million.
• Columbia Financial initiated a **share buyback program** worth $1.80 million, suggesting the board believes the company’s shares are undervalued.

Columbia Financial (NASDAQ:CLBK - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $15.38, but opened at $14.72. Columbia Financial shares last traded at $15.17, with a volume of 3,876 shares changing hands.

Columbia Financial Trading Down 0.6%

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.14. The business's fifty day simple moving average is $14.77 and its two-hundred day simple moving average is $14.60. The stock has a market capitalization of $1.60 billion, a P/E ratio of 254.83 and a beta of 0.32.

Columbia Financial (NASDAQ:CLBK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.01. Columbia Financial had a net margin of 1.24% and a return on equity of 3.58%. The company had revenue of $63.88 million during the quarter, compared to analysts' expectations of $53.20 million. As a group, analysts forecast that Columbia Financial will post 0.43 earnings per share for the current year.

Columbia Financial declared that its Board of Directors has initiated a share repurchase plan on Monday, September 8th that allows the company to repurchase $1.80 million in shares. This repurchase authorization allows the company to reacquire up to 0.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Columbia Financial

Hedge funds have recently made changes to their positions in the business. OneDigital Investment Advisors LLC acquired a new position in shares of Columbia Financial in the 1st quarter valued at $152,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Columbia Financial in the 4th quarter valued at $168,000. GAMMA Investing LLC increased its position in shares of Columbia Financial by 4,061.3% during the 1st quarter. GAMMA Investing LLC now owns 2,580 shares of the company's stock worth $39,000 after purchasing an additional 2,518 shares in the last quarter. Deutsche Bank AG increased its position in shares of Columbia Financial by 39.2% during the 1st quarter. Deutsche Bank AG now owns 20,924 shares of the company's stock worth $314,000 after purchasing an additional 5,892 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Columbia Financial by 10.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 79,576 shares of the company's stock worth $1,258,000 after purchasing an additional 7,421 shares in the last quarter. Institutional investors and hedge funds own 12.72% of the company's stock.

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.