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

Shares of Kearny Financial (NASDAQ:KRNY) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $10.07 and last traded at $10.0650, with a volume of 403716 shares changing hands. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Raymond James Financial assumed coverage on Kearny Financial in a research note on Wednesday, August 26th. They set an “outperform” rating and a $11.00 price target on the stock. Piper Sandler boosted their price target on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings raised shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.75.

Kearny Financial Stock Performance

The company has a debt-to-equity ratio of 1.50, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50-day moving average price of $9.58 and a 200-day moving average price of $8.54. The firm has a market capitalization of $653.20 million, a PE ratio of 17.65 and a beta of 0.63.

Kearny Financial (NASDAQ:KRNY) last announced its quarterly earnings data on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.02). Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. The firm had revenue of $45.69 million during the quarter, compared to the consensus estimate of $45.61 million. On average, research analysts expect that Kearny Financial will post 0.79 EPS for the current fiscal year.

Kearny Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.44 annualized dividend and a yield of 4.4%. Kearny Financial’s payout ratio is presently 77.19%.

Insider Buying and Selling

In related news, Director Curtland Fields purchased 14,700 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were purchased at an average price of $9.41 per share, with a total value of $138,327.00. Following the purchase, the director owned 57,900 shares of the company’s stock, valued at $544,839. This trade represents a 34.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Melvina Wong-Zaza bought 3,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was acquired 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 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. Insiders have acquired 44,273 shares of company stock worth $394,676 in the last ninety days. 7.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kearny Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Kearny Financial during the 2nd quarter valued at $84,461,000. Ieq Capital LLC bought a new position in shares of Kearny Financial during the 2nd quarter worth approximately $1,646,000. Empowered Funds LLC acquired a new stake in shares of Kearny Financial during the 2nd quarter worth about $2,324,000. Algert Global LLC raised its stake in shares of Kearny Financial by 59.2% in the second quarter. Algert Global LLC now owns 370,979 shares of the savings and loans company’s stock valued at $3,509,000 after acquiring an additional 137,933 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in Kearny Financial in the second quarter worth $542,000. 71.01% of the stock is owned by institutional investors and hedge funds.

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.