Columbia Financial (NASDAQ:CLBK) Stock Price Up 6.6% - Here's Why

Key Points

• Columbia Financial shares jumped 6.6% on Monday, with trading volume surging to about 2.74 million shares, far above its average daily volume.
• Recent analyst updates were mixed but still generally neutral, including a Wall Street Zen upgrade from “sell” to “hold”; overall, the stock’s consensus rating remains Hold with an average target price of $18.50.
• The company’s latest quarter missed earnings and revenue estimates, reporting EPS of $0.15 versus $0.16 expected and revenue of $67.14 million versus $70.10 million expected.

Columbia Financial (NASDAQ:CLBK - Get Free Report) shot up 6.6% during trading on Monday . The company traded as high as $25.50 and last traded at $24.9650. Approximately 2,738,789 shares traded hands during trading, an increase of 634% from the average daily volume of 372,924 shares. The stock had previously closed at $23.42.

Analysts Set New Price Targets

CLBK has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Columbia Financial from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings restated a "hold (c)" rating on shares of Columbia Financial in a research note on Friday, June 5th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $18.50.

Columbia Financial Price Performance

The firm has a 50 day moving average of $20.53 and a 200-day moving average of $18.55. The company has a market cap of $2.52 billion, a P/E ratio of 44.08 and a beta of 0.25. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.06.

Columbia Financial (NASDAQ:CLBK - Get Free Report) last posted its quarterly earnings results on Monday, April 20th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). Columbia Financial had a return on equity of 5.12% and a net margin of 10.91%.The business had revenue of $67.14 million during the quarter, compared to the consensus estimate of $70.10 million. On average, equities research analysts predict that Columbia Financial will post 0.74 EPS for the current year.

Hedge Funds Weigh In On Columbia Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL purchased a new position in Columbia Financial during the third quarter worth $892,000. JPMorgan Chase & Co. raised its stake in shares of Columbia Financial by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 106,073 shares of the company's stock valued at $1,592,000 after acquiring an additional 6,539 shares during the period. Quantinno Capital Management LP raised its stake in shares of Columbia Financial by 7.1% in the first quarter. Quantinno Capital Management LP now owns 55,718 shares of the company's stock valued at $976,000 after acquiring an additional 3,695 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Columbia Financial by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,040,794 shares of the company's stock worth $35,734,000 after acquiring an additional 51,677 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Columbia Financial by 59.8% during the 4th quarter. Russell Investments Group Ltd. now owns 4,180 shares of the company's stock worth $65,000 after purchasing an additional 1,564 shares during the period. Institutional investors own 12.72% of the company's stock.

Columbia Financial Company Profile

Columbia Financial, Inc is the bank holding company for Columbia Bank, a commercial bank headquartered in Fair Lawn, New Jersey. Through its principal subsidiary, Columbia Bank, the company offers a comprehensive suite of retail and commercial banking products and services. These offerings include deposit accounts, consumer and mortgage lending, commercial real estate financing, and business banking solutions tailored to small- and medium-sized enterprises.

On the consumer side, Columbia Bank provides checking and savings accounts, certificates of deposit, home equity lines of credit, and residential mortgage loans.

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