We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Columbia Financial (CLBK) Announces Sixth Stock Buyback Plan
Read MoreHide Full Article
Columbia Financial, Inc. (CLBK - Free Report) announced its sixth stock repurchase program. Under the program, the board of directors of this Delaware incorporated company authorized it to repurchase up to 2,000,000 shares, or roughly 1.9% of CLBK’s currently issued and outstanding common stock.
Excluding shares held by Columbia Bank MHC, the authorization indicates 6.8% of the company's currently issued and outstanding common stock.
On Dec 14, 2022, the company unveiled its fifth buyback program, which authorized the repurchase of up to 3,000,000 shares. It successfully concluded the repurchase of 3,000,000 shares for $57.7 million.
According to Thomas J. Kemly, president and chief executive officer of the company, “I am happy to announce a new stock repurchase program. Our continuation of our share repurchase program underscores our continued commitment to financial discipline and enhancing shareholder value.”
As of Mar 31, 2023, Columbia Financial had a total leverage of $1.70 billion, significantly higher than the cash and cash equivalents balance of $319.4 million. Also, its total debt to total capital of 62.20% at the end of the first quarter increased sequentially. The company’s times interest earned ratio of 5 decreased sequentially. Nonetheless, given the earnings strength and no dividend payments, it will likely be able to sustain the current level of capital-deployment activities.
Over the past six months, shares of CLBK have lost 25% compared with the industry’s decline of 7.9%. CLBK currently carries a Zacks Rank #4 (Sell).
Enhanced Capital Deployment Activities by Other Banks
Stock Yards Bancorp, Inc. (SYBT - Free Report) announced the extension of its stock-repurchase plan. The board of directors has approved the extension by around two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. CIVB repurchased $7.4 million worth of shares under that plan, which expired on May 9.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
Columbia Financial (CLBK) Announces Sixth Stock Buyback Plan
Columbia Financial, Inc. (CLBK - Free Report) announced its sixth stock repurchase program. Under the program, the board of directors of this Delaware incorporated company authorized it to repurchase up to 2,000,000 shares, or roughly 1.9% of CLBK’s currently issued and outstanding common stock.
Excluding shares held by Columbia Bank MHC, the authorization indicates 6.8% of the company's currently issued and outstanding common stock.
On Dec 14, 2022, the company unveiled its fifth buyback program, which authorized the repurchase of up to 3,000,000 shares. It successfully concluded the repurchase of 3,000,000 shares for $57.7 million.
According to Thomas J. Kemly, president and chief executive officer of the company, “I am happy to announce a new stock repurchase program. Our continuation of our share repurchase program underscores our continued commitment to financial discipline and enhancing shareholder value.”
As of Mar 31, 2023, Columbia Financial had a total leverage of $1.70 billion, significantly higher than the cash and cash equivalents balance of $319.4 million. Also, its total debt to total capital of 62.20% at the end of the first quarter increased sequentially. The company’s times interest earned ratio of 5 decreased sequentially. Nonetheless, given the earnings strength and no dividend payments, it will likely be able to sustain the current level of capital-deployment activities.
Over the past six months, shares of CLBK have lost 25% compared with the industry’s decline of 7.9%. CLBK currently carries a Zacks Rank #4 (Sell).
Image Source: Zacks Investment Research
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enhanced Capital Deployment Activities by Other Banks
Stock Yards Bancorp, Inc. (SYBT - Free Report) announced the extension of its stock-repurchase plan. The board of directors has approved the extension by around two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. CIVB repurchased $7.4 million worth of shares under that plan, which expired on May 9.