Pinnacle Holdings LLC Takes $904,000 Position in Kearny Financial $KRNY

Pinnacle Holdings LLC bought a new stake in Kearny Financial (NASDAQ:KRNY) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 95,575 shares of the savings and loans company’s stock, valued at approximately $904,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co boosted its position in 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 valued at $45,000 after buying an additional 1,605 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Kearny Financial by 15.6% in the fourth quarter. Russell Investments Group Ltd. now owns 11,930 shares of the savings and loans company’s stock valued at $88,000 after purchasing an additional 1,610 shares during the last quarter. First Trust Advisors LP grew its stake in Kearny Financial by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 42,765 shares of the savings and loans company’s stock valued at $276,000 after purchasing an additional 1,668 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Kearny Financial by 103.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company’s stock worth $26,000 after purchasing an additional 1,753 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in shares of Kearny Financial by 4.1% during the second quarter. Quantinno Capital Management LP now owns 47,259 shares of the savings and loans company’s stock worth $305,000 after buying an additional 1,865 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling

In related news, Director Curtland E. Fields bought 14,700 shares of the company’s stock in a transaction on Monday, July 27th. The shares were purchased at an average cost of $9.41 per share, with a total value of $138,327.00. Following the completion of the transaction, the director directly owned 57,900 shares of the company’s stock, valued at approximately $544,839. This represents a 34.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Leopold W. Montanaro bought 4,773 shares of the business’s stock in a transaction on Monday, August 10th. The stock was bought at an average price of $9.46 per share, for a total transaction of $45,152.58. Following the completion of the purchase, the director directly owned 270,000 shares of the company’s stock, valued at $2,554,200. The trade was a 1.80% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 44,273 shares of company stock valued at $394,676. Insiders own 7.44% of the company’s stock.

Analyst Ratings Changes

KRNY has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 14th. Piper Sandler lifted 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, Zacks Research raised Kearny Financial to a “hold” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.50.

Kearny Financial Stock Performance

Kearny Financial stock opened at $9.73 on Monday. Kearny Financial has a 1 year low of $6.08 and a 1 year high of $9.97. The firm’s 50-day moving average is $9.35 and its 200-day moving average is $8.42. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $629.92 million, a P/E ratio of 17.07 and a beta of 0.64.

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 analysts’ consensus estimates of $0.17 by ($0.02). The business had revenue of $45.69 million for the quarter, compared to the consensus estimate of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.92%. On average, equities analysts expect that Kearny Financial will post 0.8 earnings per share for the current year.

Kearny Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Wednesday, August 12th. Kearny Financial’s dividend payout ratio is presently 77.19%.

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.