Curtland Fields Purchases 14,700 Shares of Kearny Financial (NASDAQ:KRNY) Stock

Key Points

• Director insider buying: Curtland Fields purchased 14,700 Kearny Financial shares at an average of $9.41, increasing his position by 34.03% to 57,900 shares.
• Quarterly results missed expectations: Kearny Financial reported adjusted earnings of $0.15 per share, below the $0.17 analyst consensus, while revenue of $45.69 million slightly exceeded estimates.
• Dividend and analyst view: The company declared a quarterly dividend of $0.11 per share, implying a 4.6% annualized yield. Analysts maintain a consensus “Hold” rating with a $10.50 target price.

Kearny Financial (NASDAQ:KRNY - Get Free Report) Director Curtland Fields bought 14,700 shares of the company's stock in a transaction on Monday, July 27th. The shares were acquired at an average price of $9.41 per share, with a total value of $138,327.00. Following the transaction, the director directly owned 57,900 shares in the company, valued at approximately $544,839. The trade was a 34.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Kearny Financial Trading Up 2.1%

Shares of NASDAQ:KRNY traded up $0.20 during midday trading on Tuesday, hitting $9.64. The company had a trading volume of 349,951 shares, compared to its average volume of 418,169. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39. Kearny Financial has a 12 month low of $5.76 and a 12 month high of $9.76. The firm has a fifty day simple moving average of $8.84 and a 200 day simple moving average of $8.18. The stock has a market cap of $624.42 million, a price-to-earnings ratio of 16.92 and a beta of 0.64.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last issued its earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.02). The company had revenue of $45.69 million for the quarter, compared to the consensus estimate of $45.61 million. Kearny Financial had a return on equity of 4.92% and a net margin of 10.45%. On average, analysts predict that Kearny Financial will post 0.8 EPS for the current year.

Kearny Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be issued a dividend of $0.11 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.44 dividend on an annualized basis and a yield of 4.6%. Kearny Financial's payout ratio is currently 77.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KRNY. Zacks Research raised shares of Kearny Financial to a "hold" rating in a research report on Monday, April 27th. Piper Sandler lifted their target price on Kearny Financial from $9.50 to $10.50 and gave the stock an "overweight" rating in a report on Thursday, June 25th. Finally, Weiss Ratings lowered Kearny Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.50.

Hedge Funds Weigh In On Kearny Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Kearny Financial by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company's stock worth $22,002,000 after purchasing an additional 133,683 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Kearny Financial by 36.4% during the fourth quarter. AQR Capital Management LLC now owns 2,023,294 shares of the savings and loans company's stock worth $14,993,000 after buying an additional 539,811 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in shares of Kearny Financial by 488.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,612,987 shares of the savings and loans company's stock worth $11,952,000 after buying an additional 1,339,062 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Kearny Financial by 6.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,437,222 shares of the savings and loans company's stock valued at $10,851,000 after buying an additional 81,050 shares during the last quarter. Finally, Invesco Ltd. raised its position in Kearny Financial by 2.3% in the 2nd quarter. Invesco Ltd. now owns 1,206,855 shares of the savings and loans company's stock valued at $7,796,000 after buying an additional 27,460 shares during the last quarter. 71.01% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.