Kearny Financial (NASDAQ:KRNY) Issues Earnings Results

Kearny Financial (NASDAQ:KRNY) posted its quarterly earnings data on Thursday. The savings and loans company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02), FiscalAI reports. The firm had revenue of $45.69 million during the quarter, compared to analysts’ expectations of $45.61 million. Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%.

Kearny Financial Stock Performance

Shares of NASDAQ:KRNY traded down $0.43 during trading on Thursday, hitting $9.04. 312,077 shares of the stock were exchanged, compared to its average volume of 413,393. Kearny Financial has a 1-year low of $5.76 and a 1-year high of $9.76. The company has a market capitalization of $585.57 million, a price-to-earnings ratio of 15.89 and a beta of 0.64. 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’s fifty day simple moving average is $8.76 and its 200-day simple moving average is $8.14.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on KRNY. Weiss Ratings downgraded Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 14th. Zacks Research upgraded shares of Kearny Financial to a “hold” rating in a research report on Monday, April 27th. Finally, Piper Sandler raised their price target on shares of 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, the stock currently has an average rating of “Hold” and a consensus price target of $10.50.

Insider Activity

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

Institutional Trading of Kearny Financial

Hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. grew its stake in shares of Kearny Financial by 11,688.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 4,091 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake 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 valued at $45,000 after buying an additional 1,605 shares during the period. New York State Common Retirement Fund boosted its position in Kearny Financial by 59.4% during the fourth quarter. New York State Common Retirement Fund now owns 8,585 shares of the savings and loans company’s stock worth $64,000 after purchasing an additional 3,200 shares during the period. nVerses Capital LLC bought a new stake in shares of Kearny Financial during the 4th quarter worth about $76,000. Finally, Focus Partners Wealth acquired a new stake in Kearny Financial during the 3rd quarter worth approximately $76,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Kearny Financial Company Profile

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.