Columbia Financial (NASDAQ:CLBK) Shares Up 6.4% After Strong Earnings

Key Points

• Columbia Financial's shares surged 6.4% to $15.09 after the company reported earnings per share (EPS) of $0.15, exceeding the expected $0.13.
• The company authorized a $1.80 million share repurchase program, signaling confidence in its stock's current value.
• Despite the strong performance, analysts from Weiss Ratings maintain a "sell" rating on Columbia Financial, reflecting mixed market sentiment.

Columbia Financial (NASDAQ:CLBK - Get Free Report)'s share price shot up 6.4% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $15.31 and last traded at $15.09. 31,925 shares were traded during mid-day trading, a decline of 75% from the average session volume of 128,317 shares. The stock had previously closed at $14.18.

The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Columbia Financial had a return on equity of 3.58% and a net margin of 1.24%.The company had revenue of $67.25 million during the quarter, compared to analyst estimates of $56.20 million.

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

Analyst Ratings Changes

Separately, Weiss Ratings reiterated 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $16.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings 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. OneDigital Investment Advisors LLC bought a new stake in shares of Columbia Financial during the 1st quarter worth $152,000. Signaturefd LLC lifted its position in shares of Columbia Financial by 79.1% during the 1st quarter. Signaturefd LLC now owns 1,637 shares of the company's stock worth $25,000 after buying an additional 723 shares during the last quarter. Deutsche Bank AG lifted 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 buying an additional 5,892 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Columbia Financial during the 1st quarter worth $1,362,000. 12.72% of the stock is owned by institutional investors and hedge funds.

Columbia Financial Trading Up 6.3%

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 firm has a market capitalization of $1.58 billion, a P/E ratio of 251.60 and a beta of 0.34. The firm has a 50-day moving average of $14.95 and a two-hundred day moving average of $14.55.

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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