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.

Shares of Columbia Financial (NASDAQ:CLBK - Get Free Report) 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 traded.

Columbia Financial Price Performance

The company has a market cap of $1.66 billion, a PE ratio of 264.05 and a beta of 0.32. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average of $14.78 and a 200-day moving average of $14.61.

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

Columbia Financial declared that its board has authorized a share buyback plan on Monday, September 8th that authorizes the company to buyback $1.80 million in shares. This buyback authorization authorizes the company to buy up to 0.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Columbia Financial

Institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC grew its position in shares of Columbia Financial by 77.4% during the 2nd quarter. Squarepoint Ops LLC now owns 53,689 shares of the company's stock valued at $779,000 after acquiring an additional 23,420 shares during the period. Rafferty Asset Management LLC grew its position in shares of Columbia Financial by 60.8% during the 2nd quarter. Rafferty Asset Management LLC now owns 22,330 shares of the company's stock valued at $324,000 after acquiring an additional 8,444 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Columbia Financial during the 2nd quarter valued at about $496,000. Bank of America Corp DE grew its position in shares of Columbia Financial by 9.9% during the 2nd quarter. Bank of America Corp DE now owns 44,163 shares of the company's stock valued at $641,000 after acquiring an additional 3,967 shares during the period. Finally, Occudo Quantitative Strategies LP grew its position in shares of Columbia Financial by 27.7% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 15,093 shares of the company's stock valued at $219,000 after acquiring an additional 3,274 shares during the period. Hedge funds and other institutional investors 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.