Kearny Financial (NASDAQ:KRNY) Hits New 1-Year High – What’s Next?

Kearny Financial (NASDAQ:KRNY) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.83 and last traded at $9.77, with a volume of 2022214 shares traded. The stock had previously closed at $9.62.

Wall Street Analyst Weigh In

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

Kearny Financial Stock Down 1.4%

The business has a 50 day moving average of $9.31 and a two-hundred day moving average of $8.40. The stock has a market capitalization of $623.45 million, a PE ratio of 16.90 and a beta of 0.64. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.03 and a current ratio of 1.03.

Kearny Financial (NASDAQ:KRNY) last posted its earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share (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 net margin of 10.45% and a return on equity of 4.92%. Analysts predict that Kearny Financial will post 0.8 EPS for the current year.

Kearny Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Wednesday, August 12th. Kearny Financial’s dividend payout ratio (DPR) is currently 77.19%.

Insider Transactions at Kearny Financial

In other news, Director Leopold W. Montanaro bought 4,773 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $9.46 per share, with a total value of $45,152.58. Following the completion of the transaction, the director directly owned 270,000 shares of the company’s stock, valued at approximately $2,554,200. The trade was a 1.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Melvina Wong-Zaza bought 3,500 shares of the stock in a transaction 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 completion of the purchase, the director owned 33,910 shares of the company’s stock, valued at $290,608.70. This represents a 11.51% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 44,273 shares of company stock valued at $394,676 in the last 90 days. Insiders own 7.44% of the company’s stock.

Institutional Trading of Kearny Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. M&T Bank Corp acquired a new position in Kearny Financial during the 4th quarter valued at about $1,145,000. Arrowstreet Capital Limited Partnership boosted its holdings in Kearny Financial by 6.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,437,222 shares of the savings and loans company’s stock worth $10,851,000 after acquiring an additional 81,050 shares in the last quarter. Bailard Inc. acquired a new stake in Kearny Financial in the fourth quarter worth about $711,000. Quantinno Capital Management LP grew its stake in shares of Kearny Financial by 25.5% during the first quarter. Quantinno Capital Management LP now owns 238,229 shares of the savings and loans company’s stock worth $1,799,000 after acquiring an additional 48,350 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Kearny Financial by 119.5% during the first quarter. Parallel Advisors LLC now owns 7,248 shares of the savings and loans company’s stock worth $55,000 after acquiring an additional 3,946 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.