Kearny Financial (NASDAQ:KRNY) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Kearny Financial (NASDAQ:KRNY) issued its quarterly earnings data on Thursday. The savings and loans company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02), FiscalAI reports. The firm had revenue of $45.69 million during the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a return on equity of 4.61% and a net margin of 10.39%.

Kearny Financial Stock Up 3.3%

NASDAQ KRNY traded up $0.30 on Friday, hitting $9.43. 95,864 shares of the stock traded hands, compared to its average volume of 415,006. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39. The stock has a 50-day moving average of $8.79 and a 200 day moving average of $8.15. Kearny Financial has a twelve month low of $5.76 and a twelve month high of $9.76. The company has a market capitalization of $610.17 million, a P/E ratio of 16.54 and a beta of 0.64.

Kearny Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be paid a dividend of $0.11 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.44 annualized dividend and a yield of 4.7%. Kearny Financial’s dividend payout ratio is presently 77.19%.

Insider Activity at Kearny Financial

In other news, Director Melvina Wong-Zaza purchased 3,500 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average cost of $8.57 per share, for a total transaction of $29,995.00. Following the acquisition, the director owned 33,910 shares of the company’s stock, valued at $290,608.70. The trade was a 11.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Curtland E. Fields purchased 4,950 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director owned 39,600 shares in the company, valued at approximately $330,264. This represents a 14.29% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders bought 24,800 shares of company stock valued at $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. Osaic Holdings Inc. boosted its position in shares of Kearny Financial by 11,688.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 4,091 shares in the last quarter. CANADA LIFE ASSURANCE Co raised 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 purchasing an additional 1,605 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Kearny Financial by 59.4% during the fourth quarter. New York State Common Retirement Fund now owns 8,585 shares of the savings and loans company’s stock valued at $64,000 after purchasing an additional 3,200 shares during the last quarter. nVerses Capital LLC acquired a new stake in Kearny Financial during the fourth quarter valued at approximately $76,000. Finally, Focus Partners Wealth acquired a new stake in Kearny Financial during the third quarter valued at approximately $76,000. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Weiss Ratings lowered Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 14th. Zacks Research upgraded Kearny Financial to a “hold” rating in a research note on Monday, April 27th. Finally, Piper Sandler lifted their price objective on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.50.

Kearny Financial News Roundup

Here are the key news stories impacting Kearny Financial this week:

• Positive Sentiment: Kearny Financial declared a quarterly dividend of $0.11 per share, supporting a forward annualized yield of about 4.8%. Article Title
• Neutral Sentiment: Revenue came in essentially as expected, with quarterly sales of $45.69 million versus estimates of $45.61 million.
• Negative Sentiment: Quarterly EPS of $0.15 missed the $0.17 consensus, signaling softer-than-expected profitability. Article Title
• Negative Sentiment: The earnings disappointment likely contributed to the stock’s decline, as investors weighed weaker-than-expected bottom-line results against the dividend announcement. Article Title

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.