Kearny Financial (NASDAQ:KRNY) Shares Gap Down After Earnings Miss

Kearny Financial (NASDAQ:KRNY) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $9.48, but opened at $8.92. Kearny Financial shares last traded at $9.0180, with a volume of 190,049 shares traded.

The savings and loans company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%. The firm had revenue of $45.69 million during the quarter, compared to analyst estimates of $45.61 million.

Wall Street Analysts Forecast Growth

Several brokerages have commented on KRNY. Zacks Research upgraded shares of Kearny Financial to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings downgraded Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 14th. Finally, Piper Sandler lifted their price target on Kearny Financial from $9.50 to $10.50 and gave the company an “overweight” rating in a research note on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Kearny Financial has an average rating of “Hold” and a consensus price target of $10.50.

Insiders Place Their Bets

In other news, Director Curtland E. Fields acquired 4,950 shares of Kearny Financial stock in a transaction dated Wednesday, June 17th. The shares were bought at an average cost of $8.34 per share, with a total value of $41,283.00. Following the purchase, the director owned 39,600 shares in the company, valued at $330,264. This trade represents a 14.29% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Melvina Wong-Zaza purchased 3,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were acquired at an average price of $8.57 per share, with a total value of $29,995.00. Following the completion of the acquisition, the director owned 33,910 shares in the company, valued at approximately $290,608.70. This trade represents a 11.51% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 24,800 shares of company stock worth $211,196. 7.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kearny Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co boosted its position in Kearny Financial by 35.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock worth $45,000 after purchasing an additional 1,605 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Kearny Financial by 15.6% during the 4th 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 lifted its stake in shares of Kearny Financial by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 42,765 shares of the savings and loans company’s stock worth $276,000 after purchasing an additional 1,668 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Kearny Financial by 103.4% in 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 period. Finally, Quantinno Capital Management LP boosted its holdings in shares of Kearny Financial by 4.1% in 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 during the last quarter. Institutional investors own 71.01% of the company’s stock.

Kearny Financial Stock Performance

The business’s fifty day moving average is $8.76 and its 200-day moving average is $8.14. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.39. The company has a market cap of $584.93 million, a PE ratio of 15.85 and a beta of 0.64.

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.