FAIR LAWN, N.J.— Columbia Financial , Inc. (NASDAQ:CLBK) Director Noel R. Holland recently sold 10,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction, executed on December 12, was completed at an average price of $17.0641 per share, amounting to a total of $170,641. The sale comes as InvestingPro data shows the stock trading at a significant earnings multiple of 108x, with the company's shares currently near $17.24.
Following this sale, Holland retains direct ownership of 30,501 shares. In addition to these directly owned shares, Holland holds indirect ownership of shares through various plans, including 9,856.4267 shares by a Stock-Based Deferral Plan, 46,280 shares by a SEP-IRA, and 3,018 shares by Stock Award III, which are set to vest in March 2025.
Holland also holds stock options for 83,294 shares of Columbia Financial common stock, which are fully vested and exercisable at a conversion price of $15.60 per share. These options were granted under the company's 2019 Equity Incentive Plan.
Columbia Financial, headquartered in Fair Lawn, New Jersey, operates as a federally chartered savings institution.
In other recent news, Columbia Financial, Inc., the parent company of Columbia Bank, announced a significant leadership change. Matthew Smith has been appointed as the Senior Executive Vice President and Chief Operating Officer, succeeding E. Thomas Allen, Jr., who is retiring in 2025. Smith's prior experience includes roles at Webster Bank and Sterling National Bank, where he led digital banking and product strategy initiatives.
As part of recent developments, Columbia Financial also received regulatory approval for its merger with Freehold Bank from the Office of the Comptroller of the Currency. The merger is expected to be completed by October 2024, subject to customary closing conditions. This move could potentially streamline services and consolidate the brands, although it may also bring about operational costs and customer retention challenges.
The company's forward-looking statements highlight a focus on strategic growth and operational excellence, with Smith's expertise in digital banking expected to contribute to these objectives. However, the future performance of the combined entity could be impacted by risks such as changes in credit quality, margin compression due to the interest rate environment, and legislative or regulatory changes. These updates were reported by Columbia Financial, Inc.
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