Kearny Financial (NASDAQ:KRNY) Sets New 52-Week High – Here’s Why

Kearny Financial (NASDAQ:KRNY) reached a new 52-week high on Thursday . The company traded as high as $9.89 and last traded at $9.5410, with a volume of 1185 shares changing hands. The stock had previously closed at $9.47.

Analyst Upgrades and Downgrades

Several brokerages have commented on KRNY. Weiss Ratings downgraded Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Zacks Research raised Kearny Financial to a “hold” rating in a research note on Monday, April 27th. Finally, Piper Sandler raised their price objective on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $10.50.

Kearny Financial Price Performance

The firm has a market cap of $615.03 million, a P/E ratio of 16.67 and a beta of 0.64. 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 business’s 50 day moving average is $8.67 and its two-hundred day moving average is $8.09.

Kearny Financial (NASDAQ:KRNY) last issued its quarterly earnings results on Thursday, April 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.15. The firm had revenue of $44.31 million during the quarter, compared to the consensus estimate of $43.67 million. Kearny Financial had a return on equity of 4.61% and a net margin of 10.39%. As a group, analysts anticipate that Kearny Financial will post 0.61 earnings per share for the current year.

Kearny Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Wednesday, May 6th. Kearny Financial’s payout ratio is presently 77.19%.

Insider Activity at Kearny Financial

In other Kearny Financial news, Director Curtland E. Fields purchased 4,950 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were purchased at an average cost of $8.34 per share, for a total transaction of $41,283.00. Following the acquisition, the director owned 39,600 shares of the company’s stock, valued at approximately $330,264. This represents a 14.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Melvina Wong-Zaza acquired 3,500 shares of Kearny Financial stock in a transaction dated Thursday, June 11th. The shares were bought at an average cost of $8.57 per share, with a total value of $29,995.00. Following the transaction, the director owned 33,910 shares in the company, valued at approximately $290,608.70. This trade represents a 11.51% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 24,800 shares of company stock worth $211,196. Insiders own 7.44% of the company’s stock.

Institutional Investors Weigh In On Kearny Financial

Several hedge funds and other institutional investors have recently bought and sold shares of KRNY. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Kearny Financial by 35.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock worth $45,000 after buying an additional 1,605 shares during the last quarter. Russell Investments Group Ltd. raised its position in Kearny Financial by 15.6% in the fourth quarter. Russell Investments Group Ltd. now owns 11,930 shares of the savings and loans company’s stock worth $88,000 after acquiring an additional 1,610 shares during the period. First Trust Advisors LP raised its position in Kearny Financial by 4.1% in the second quarter. First Trust Advisors LP now owns 42,765 shares of the savings and loans company’s stock worth $276,000 after acquiring an additional 1,668 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Kearny Financial by 103.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company’s stock valued at $26,000 after acquiring an additional 1,753 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Kearny Financial by 4.1% in the second quarter. Quantinno Capital Management LP now owns 47,259 shares of the savings and loans company’s stock valued at $305,000 after acquiring an additional 1,865 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

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.