Kearny Financial (NASDAQ:KRNY) Issues Quarterly Earnings Results

Key Points

• Kearny Financial reported quarterly EPS of $0.16, missing the $0.17 consensus estimate, while revenue of $45.28 million came in below analyst expectations of $46.97 million.
• KRNY shares traded at $9.12, with a market capitalization of approximately $592.5 million. Analysts maintain a “Moderate Buy” consensus rating and a $10.75 average price target.
• Company insiders have recently purchased 21,033 shares worth about $198,502, including acquisitions by directors Curtland Fields and Leopold Montanaro.

Kearny Financial (NASDAQ:KRNY - Get Free Report) released its quarterly earnings results on Thursday. The savings and loans company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01), FiscalAI reports. Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%. The firm had revenue of $45.28 million for the quarter, compared to analyst estimates of $46.97 million.

Kearny Financial Stock Performance

KRNY stock traded up $0.07 during trading on Thursday, hitting $9.12. The company had a trading volume of 73,648 shares, compared to its average volume of 460,029. The firm has a market cap of $592.48 million, a PE ratio of 16.01 and a beta of 0.65. Kearny Financial has a 1-year low of $6.22 and a 1-year high of $10.23. The firm has a 50-day moving average price of $9.52 and a 200-day moving average price of $8.97. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.50.

Wall Street Analyst Weigh In

KRNY has been the subject of several research analyst reports. Weiss Ratings raised Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 24th. Raymond James Financial began coverage on shares of Kearny Financial in a report on Wednesday, August 26th. They issued an "outperform" rating and a $11.00 target price on the stock. Finally, Piper Sandler lifted their target price on shares of Kearny Financial from $9.50 to $10.50 and gave the company an "overweight" rating in a report on Thursday, June 25th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.75.

Insider Activity at Kearny Financial

In related news, Director Curtland Fields acquired 14,700 shares of the firm's stock in a transaction on Monday, July 27th. The stock was bought at an average cost of $9.41 per share, with a total value of $138,327.00. Following the transaction, the director owned 57,900 shares of the company's stock, valued at $544,839. The trade was a 34.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Leopold W. Montanaro acquired 4,773 shares of the firm's stock in a transaction on Monday, August 10th. The shares were bought at an average cost of $9.46 per share, with a total value of $45,152.58. Following the completion of the transaction, 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 disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 21,033 shares of company stock valued at $198,502. 7.68% of the stock is owned by company insiders.

Kearny Financial Company Profile

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.

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