252,687 Shares in Kearny Financial $KRNY Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 252,687 shares of Kearny Financial in the second quarter, a stake valued at approximately $2.39 million and representing 0.39% of the company. Institutional investors collectively own 71.01% of KRNY.
• Kearny Financial reported quarterly EPS of $0.15, below the $0.17 analyst consensus, while revenue of $45.69 million slightly exceeded expectations. The company maintains a quarterly dividend of $0.11, equating to a 4.8% annualized yield.
• Analyst sentiment is generally positive, with three Buy ratings and one Hold rating producing a “Moderate Buy” consensus and a $10.75 price target. Company insiders also purchased 21,033 shares worth roughly $198,502 over the past 90 days.

Bank of America Corp DE bought a new stake in Kearny Financial (NASDAQ:KRNY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 252,687 shares of the savings and loans company's stock, valued at approximately $2,390,000. Bank of America Corp DE owned about 0.39% of Kearny Financial at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Kearny Financial by 103.4% during the fourth 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. Allworth Financial LP acquired a new position in Kearny Financial in the 2nd quarter valued at $27,000. Parallel Advisors LLC increased its stake in Kearny Financial by 119.5% in the 1st quarter. Parallel Advisors LLC now owns 7,248 shares of the savings and loans company's stock valued at $55,000 after buying an additional 3,946 shares during the period. Strs Ohio raised its position in Kearny Financial by 6.8% during the 1st quarter. Strs Ohio now owns 82,000 shares of the savings and loans company's stock worth $619,000 after buying an additional 5,200 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Kearny Financial during the 2nd quarter worth $54,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Kearny Financial Price Performance

Shares of NASDAQ KRNY opened at $9.16 on Thursday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.05 and a current ratio of 1.05. Kearny Financial has a one year low of $6.22 and a one year high of $10.23. The firm has a market capitalization of $594.76 million, a P/E ratio of 16.07 and a beta of 0.63. The company's fifty day moving average is $9.65 and its two-hundred day moving average is $8.78.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last announced its quarterly 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). Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. The company had revenue of $45.69 million during the quarter, compared to analysts' expectations of $45.61 million. Analysts forecast that Kearny Financial will post 0.79 EPS for the current fiscal year.

Kearny Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were issued a $0.11 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.8%. Kearny Financial's dividend payout ratio is currently 77.19%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Raymond James Financial began coverage on shares of Kearny Financial in a research note on Wednesday, August 26th. They issued an "outperform" rating and a $11.00 target price for the company. Piper Sandler increased their price target on shares of 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 raised shares of Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 24th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Kearny Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.75.

Insider Buying and Selling

In other news, Director Leopold Montanaro purchased 4,773 shares of the company's stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $9.46 per share, for a total transaction 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 represents a 1.80% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Curtland E. Fields acquired 14,700 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was acquired at an average price of $9.41 per share, for a total transaction of $138,327.00. Following the completion of the transaction, the director directly owned 57,900 shares in the company, valued at approximately $544,839. This represents a 34.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders purchased 21,033 shares of company stock worth $198,502. Insiders own 7.68% of the company's stock.

Kearny Financial Company Profile

Kearny Financial Corp. is the holding company for Kearny Bank, a community-oriented savings bank serving customers in New Jersey and New York. Founded in 1884 as a mutual savings institution, Kearny Bank has historically focused on relationship-based banking for individuals, families, businesses and nonprofit organizations.

The bank offers deposit products such as checking, savings and money market accounts, certificates of deposit and retirement accounts. Its lending activities include residential mortgages, home equity loans, commercial real estate loans, construction financing, commercial and industrial loans, and consumer credit.

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