Kearny Financial (NASDAQ:KRNY) Posts Quarterly Earnings Results, Meets Estimates

Kearny Financial (NASDAQ:KRNY) posted its earnings results on Thursday. The savings and loans company reported $0.15 earnings per share for the quarter, hitting the consensus estimate of $0.15, FiscalAI reports. The firm had revenue of $44.31 million during the quarter, compared to analysts’ expectations of $43.67 million. Kearny Financial had a return on equity of 4.26% and a net margin of 9.41%.

Kearny Financial Price Performance

KRNY stock traded up $0.10 on Thursday, reaching $7.97. 209,309 shares of the company’s stock were exchanged, compared to its average volume of 364,611. The stock has a fifty day moving average of $7.71 and a 200-day moving average of $7.39. Kearny Financial has a twelve month low of $5.76 and a twelve month high of $8.50. The firm has a market cap of $516.24 million, a PE ratio of 15.31 and a beta of 0.66. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.45.

Insiders Place Their Bets

In related news, EVP Patrick M. Joyce sold 4,000 shares of the company’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $7.65, for a total transaction of $30,600.00. Following the transaction, the executive vice president owned 54,365 shares of the company’s stock, valued at $415,892.25. This represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Timothy A. Swansson sold 4,000 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $7.60, for a total value of $30,400.00. Following the transaction, the executive vice president directly owned 55,833 shares in the company, valued at $424,330.80. This represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 7.44% of the company’s stock.

Institutional Trading of Kearny Financial

Several large investors have recently bought and sold shares of the company. Corient Private Wealth LLC grew its holdings in Kearny Financial by 13.9% in the fourth quarter. Corient Private Wealth LLC now owns 25,792 shares of the savings and loans company’s stock valued at $191,000 after purchasing an additional 3,144 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in Kearny Financial by 36.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 38,996 shares of the savings and loans company’s stock valued at $289,000 after purchasing an additional 10,326 shares during the last quarter. Empowered Funds LLC grew its holdings in Kearny Financial by 6.1% in the fourth quarter. Empowered Funds LLC now owns 237,469 shares of the savings and loans company’s stock valued at $1,760,000 after purchasing an additional 13,678 shares during the last quarter. XTX Topco Ltd acquired a new stake in Kearny Financial in the fourth quarter valued at $97,000. Finally, nVerses Capital LLC acquired a new stake in Kearny Financial in the fourth quarter valued at $76,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Kearny Financial in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.00.

Kearny Financial Company Profile

Kearny Financial, Inc was the bank holding company for Kearny Bank, a New Jersey–based community bank offering a full suite of commercial and consumer banking services. Through its subsidiary, the company provided deposit products, lending facilities and electronic banking solutions to individuals, small businesses and middle-market corporations.

The company’s core products included checking and savings accounts, certificates of deposit, residential and commercial real estate loans, construction financing, equipment financing, home equity lines of credit and consumer installment loans.