Kearny Financial (NASDAQ:KRNY) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Kearny Financial (NASDAQ:KRNY) shares passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $8.73 and traded as high as $9.43. Kearny Financial shares last traded at $9.36, with a volume of 500,302 shares changing hands.

Analyst Upgrades and Downgrades

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

Kearny Financial Stock Up 0.6%

The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a fifty day moving average price of $9.68 and a 200 day moving average price of $8.73. The firm has a market capitalization of $607.74 million, a price-to-earnings ratio of 16.42 and a beta of 0.63.

Kearny Financial (NASDAQ:KRNY) last posted its quarterly earnings results 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). Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. The business had revenue of $45.69 million during the quarter, compared to analysts’ expectations of $45.61 million. As a group, sell-side analysts expect that Kearny Financial will post 0.79 EPS for the current fiscal year.

Kearny Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Leopold W. Montanaro purchased 4,773 shares of the stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $9.46 per share, with a total value of $45,152.58. Following the purchase, the director directly owned 270,000 shares in the company, valued at $2,554,200. This trade represents a 1.80% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Curtland Fields purchased 14,700 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was bought at an average price of $9.41 per share, with a total value of $138,327.00. Following the acquisition, the director directly owned 57,900 shares in the company, valued at approximately $544,839. This represents a 34.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 21,033 shares of company stock worth $198,502. Corporate insiders own 7.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Kearny Financial during the 2nd quarter valued at approximately $83,000. Corient Private Wealth LP grew its holdings in shares of Kearny Financial by 38.7% in the 2nd quarter. Corient Private Wealth LP now owns 46,067 shares of the savings and loans company’s stock worth $436,000 after acquiring an additional 12,851 shares during the period. AXQ Capital LP purchased a new position in Kearny Financial in the 2nd quarter valued at approximately $171,000. Headlands Technologies LLC increased its stake in Kearny Financial by 82.9% in the 2nd quarter. Headlands Technologies LLC now owns 36,389 shares of the savings and loans company’s stock valued at $344,000 after purchasing an additional 16,496 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its holdings in Kearny Financial by 61.4% during the second quarter. Susquehanna Fundamental Investments LLC now owns 78,907 shares of the savings and loans company’s stock worth $746,000 after purchasing an additional 30,017 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Kearny Financial Company Profile

Kearny Financial Corp. is the holding company for Kearny Bank, a community-oriented savings bank serving customers in New Jersey and New York. Founded in 1884 as a mutual savings institution, Kearny Bank has historically focused on relationship-based banking for individuals, families, businesses and nonprofit organizations.

The bank offers deposit products such as checking, savings and money market accounts, certificates of deposit and retirement accounts. Its lending activities include residential mortgages, home equity loans, commercial real estate loans, construction financing, commercial and industrial loans, and consumer credit.