Kearny Financial (NASDAQ:KRNY) to Issue Quarterly Dividend of $0.11

Kearny Financial (NASDAQ:KRNY) declared a quarterly dividend on Thursday, October 22nd. Investors of record on Wednesday, November 4th will be paid a dividend of $0.11 per share by the savings and loans company on Wednesday, November 18th. This represents a $0.44 annualized dividend and a yield of 4.7%. The ex-dividend date is Wednesday, November 4th.

Kearny Financial has a payout ratio of 55.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Kearny Financial to earn $1.00 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 44.0%.

Kearny Financial Price Performance

Shares of NASDAQ:KRNY traded up $0.21 during midday trading on Thursday, hitting $9.27. 744,996 shares of the stock were exchanged, compared to its average volume of 463,442. The stock has a market cap of $601.89 million, a P/E ratio of 16.26 and a beta of 0.65. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.50. Kearny Financial has a twelve month low of $6.22 and a twelve month high of $10.23. The company has a 50 day moving average price of $9.52 and a 200-day moving average price of $8.97.

Kearny Financial (NASDAQ:KRNY) last posted its earnings results on Thursday, October 22nd. The savings and loans company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. The company had revenue of $45.28 million during the quarter, compared to analysts’ expectations of $46.97 million. On average, research analysts forecast that Kearny Financial will post 0.79 earnings per share for the current year.

Insider Activity

In other news, Director Leopold Montanaro purchased 4,773 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $9.46 per share, with a total value of $45,152.58. Following the acquisition, the director owned 270,000 shares in the company, valued at approximately $2,554,200. This trade represents a 1.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Curtland E. 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 cost of $9.41 per share, for a total transaction of $138,327.00. Following the purchase, the director directly owned 57,900 shares in the company, valued at $544,839. This trade represents a 34.03% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 21,033 shares of company stock worth $198,502. Company insiders own 7.68% of the company’s stock.

Institutional Trading of Kearny Financial

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Kearny Financial during the second quarter worth about $84,461,000. Bank of New York Mellon Corp acquired a new position in Kearny Financial in the second quarter worth about $3,685,000. Empowered Funds LLC bought a new stake in Kearny Financial in the second quarter valued at about $2,324,000. Ieq Capital LLC bought a new stake in Kearny Financial in the second quarter valued at about $1,646,000. Finally, Bank of America Corp DE bought a new stake in Kearny Financial in the second quarter valued at about $2,390,000. 71.01% of the stock is owned by institutional investors and hedge funds.

About Kearny Financial

Kearny Financial Corp. is the holding company for Kearny Bank, a community-focused financial institution headquartered in Fairfield, New Jersey. The bank provides a range of banking and financial services to individuals, families, businesses and nonprofit organizations.

Kearny Bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, commercial real estate financing, business loans, construction loans and consumer lending.