Kearny Financial (NASDAQ:KRNY) Trading Up 5.2% – Here’s Why

Kearny Financial (NASDAQ:KRNY)’s stock price traded up 5.2% during trading on Wednesday . The stock traded as high as $7.74 and last traded at $7.7450. 133,248 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 359,036 shares. The stock had previously closed at $7.36.

Analysts Set New Price Targets

A number of research firms have weighed in on KRNY. Weiss Ratings restated a “hold (c)” rating on shares of Kearny Financial in a research note on Friday, October 31st. Piper Sandler reiterated an “overweight” rating and issued a $9.00 price objective (up previously from $7.50) on shares of Kearny Financial in a report on Wednesday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $8.00.

Kearny Financial Price Performance

The firm has a market capitalization of $500.12 million, a price-to-earnings ratio of 16.42 and a beta of 0.72. The company has a fifty day moving average price of $6.66 and a two-hundred day moving average price of $6.46. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.60.

Kearny Financial (NASDAQ:KRNY) last released its earnings results on Thursday, October 23rd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.15. The business had revenue of $42.80 million for the quarter, compared to analyst estimates of $42.43 million. Kearny Financial had a return on equity of 3.89% and a net margin of 8.57%.

Kearny Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 19th. Shareholders of record on Wednesday, November 5th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Wednesday, November 5th. Kearny Financial’s payout ratio is presently 93.62%.

Insider Activity

In related news, Director Leopold W. Montanaro purchased 10,000 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was acquired at an average price of $6.57 per share, for a total transaction of $65,700.00. Following the acquisition, the director directly owned 265,227 shares of the company’s stock, valued at $1,742,541.39. This trade represents a 3.92% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Kearny Financial

A number of hedge funds and other institutional investors have recently modified their holdings of KRNY. Vanguard Group Inc. boosted its stake in shares of Kearny Financial by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company’s stock worth $22,002,000 after purchasing an additional 133,683 shares during the last quarter. Geode Capital Management LLC boosted its position in Kearny Financial by 1.1% during the second quarter. Geode Capital Management LLC now owns 1,409,239 shares of the savings and loans company’s stock worth $9,105,000 after acquiring an additional 15,162 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in Kearny Financial by 25.0% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,278,390 shares of the savings and loans company’s stock worth $8,003,000 after acquiring an additional 255,460 shares during the last quarter. Invesco Ltd. grew its stake in Kearny Financial by 2.3% in the 2nd quarter. Invesco Ltd. now owns 1,206,855 shares of the savings and loans company’s stock worth $7,796,000 after acquiring an additional 27,460 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Kearny Financial by 21.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,112,013 shares of the savings and loans company’s stock valued at $7,306,000 after acquiring an additional 193,888 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Kearny Financial

Kearny Financial Corp. operates as the holding company for Kearny Bank that provides various banking products and services in the United States. It offers various deposit products, including interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts, and certificates of deposit accounts.