Kearny Financial Announces Quarterly Dividend of $0.11 (NASDAQ:KRNY)

Kearny Financial (NASDAQ:KRNY) declared a quarterly dividend on Thursday, July 23rd. Shareholders of record on Wednesday, August 12th will be given a dividend of 0.11 per share by the savings and loans company on Wednesday, August 26th. This represents a c) annualized dividend and a yield of 4.8%. The ex-dividend date is Wednesday, August 12th.

Kearny Financial has increased its dividend by an average of 0.1%per year over the last three years. Kearny Financial has a dividend payout ratio of 55.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Kearny Financial to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 55.0%.

Kearny Financial Trading Down 3.8%

Shares of KRNY opened at $9.12 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.03 and a quick ratio of 1.03. Kearny Financial has a 1 year low of $5.76 and a 1 year high of $9.76. The company has a 50 day simple moving average of $8.79 and a two-hundred day simple moving average of $8.15. The firm has a market cap of $590.43 million, a P/E ratio of 16.00 and a beta of 0.64.

Kearny Financial (NASDAQ:KRNY) last released its earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.02). The company had revenue of $45.69 million during the quarter, compared to analysts’ expectations of $45.61 million. Kearny Financial had a return on equity of 4.61% and a net margin of 10.39%. On average, equities analysts expect that Kearny Financial will post 0.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on KRNY shares. Piper Sandler lifted their target price on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a report on Thursday, June 25th. Zacks Research upgraded Kearny Financial to a “hold” rating in a research report on Monday, April 27th. Finally, Weiss Ratings cut shares of Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Kearny Financial has a consensus rating of “Hold” and a consensus price target of $10.50.

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.