Kearny Financial (NASDAQ:KRNY) Sets New 1-Year High – Still a Buy?

Kearny Financial (NASDAQ:KRNY) reached a new 52-week high during trading on Wednesday . The company traded as high as $8.91 and last traded at $8.8450, with a volume of 68579 shares changing hands. The stock had previously closed at $8.81.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Piper Sandler assumed coverage on shares of Kearny Financial in a research note on Monday, April 27th. They set an “overweight” rating and a $9.50 price target on the stock. Zacks Research raised Kearny Financial to a “hold” rating in a report on Monday, April 27th. Finally, Weiss Ratings cut Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.50.

Kearny Financial Trading Up 2.1%

The company has a fifty day moving average of $8.19 and a two-hundred day moving average of $7.88. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $582.34 million, a price-to-earnings ratio of 15.75 and a beta of 0.66.

Kearny Financial (NASDAQ:KRNY) last announced its quarterly earnings data on Thursday, April 23rd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.15. The company had revenue of $44.31 million for the quarter, compared to analysts’ expectations of $43.67 million. Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%. On average, research analysts expect that Kearny Financial will post 0.61 EPS for the current year.

Kearny Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Wednesday, May 6th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Wednesday, May 6th. Kearny Financial’s payout ratio is 77.19%.

Insider Transactions at Kearny Financial

In other news, Director Curtland E. Fields purchased 4,950 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was purchased at an average cost of $8.34 per share, with a total value of $41,283.00. Following the completion of the acquisition, the director directly owned 39,600 shares of the company’s stock, valued at approximately $330,264. This trade represents a 14.29% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Melvina Wong-Zaza acquired 3,500 shares of Kearny Financial stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average price of $8.57 per share, with a total value of $29,995.00. Following the transaction, the director owned 33,910 shares of the company’s stock, valued at $290,608.70. This trade represents a 11.51% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 24,800 shares of company stock worth $211,196. Company insiders own 7.44% of the company’s stock.

Institutional Trading of Kearny Financial

A number of institutional investors have recently modified their holdings of KRNY. EverSource Wealth Advisors LLC grew its holdings in Kearny Financial by 103.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company’s stock worth $26,000 after acquiring an additional 1,753 shares during the period. Osaic Holdings Inc. raised its position in Kearny Financial by 11,688.6% in the second quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 4,091 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Kearny Financial by 35.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock valued at $45,000 after acquiring an additional 1,605 shares during the period. Parallel Advisors LLC lifted its holdings in Kearny Financial by 119.5% in the first quarter. Parallel Advisors LLC now owns 7,248 shares of the savings and loans company’s stock valued at $55,000 after acquiring an additional 3,946 shares during the period. Finally, New York State Common Retirement Fund boosted its position in shares of Kearny Financial by 59.4% during the 4th quarter. New York State Common Retirement Fund now owns 8,585 shares of the savings and loans company’s stock worth $64,000 after purchasing an additional 3,200 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

About Kearny Financial

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.