Stock Repurchase Program Announced by Columbia Financial (NASDAQ:CLBK)

Key Points

• Columbia Financial's Board of Directors has authorized a $1.80 million stock repurchase program, indicating management's belief that the stock may be undervalued.
• The company's shares experienced a 0.5% increase, reaching $15.09, with an average trading volume of 92,962 shares.
• Columbia Financial reported a quarterly EPS of $0.12, surpassing the consensus estimate of $0.11, with revenues of $63.88 million for the quarter.

Columbia Financial (NASDAQ:CLBK - Get Free Report) announced that its Board of Directors has authorized a stock repurchase program on Monday, September 8th, RTT News reports. The company plans 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 programs are generally a sign that the company's management believes its shares are undervalued.

Columbia Financial Stock Up 0.5%

Shares of NASDAQ:CLBK traded up $0.08 during trading on Monday, hitting $15.09. 92,962 shares of the company were exchanged, compared to its average volume of 94,702. The firm's 50 day moving average price is $14.76 and its 200-day moving average price is $14.61. Columbia Financial has a 12-month low of $12.64 and a 12-month high of $19.28. The stock has a market capitalization of $1.58 billion, a P/E ratio of 251.50 and a beta of 0.32. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.01 and a quick ratio of 1.01.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.