Bank of New York Mellon Corp Purchases Shares of 389,501 Kearny Financial $KRNY

Key Points

• Bank of New York Mellon acquired 389,501 shares of Kearny Financial in the second quarter, worth approximately $3.7 million and representing a 0.60% stake. Institutional investors collectively own 71.01% of the company.
• Kearny Financial reported quarterly EPS of $0.15, missing estimates by $0.02, while revenue of $45.69 million slightly exceeded expectations. The company pays a quarterly dividend of $0.11 per share, yielding approximately 4.3% annually.
• Analyst sentiment is favorable, with three Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $10.75 price target; the stock recently opened at $10.13.

Bank of New York Mellon Corp acquired a new stake in Kearny Financial (NASDAQ:KRNY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 389,501 shares of the savings and loans company's stock, valued at approximately $3,685,000. Bank of New York Mellon Corp owned 0.60% of Kearny Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its holdings in Kearny Financial by 8.1% during the first quarter. Goldman Sachs Group Inc. now owns 729,773 shares of the savings and loans company's stock worth $4,568,000 after purchasing an additional 54,606 shares during the period. Caxton Associates LLP acquired a new position in Kearny Financial during the first quarter worth approximately $146,000. Empowered Funds LLC raised its stake in Kearny Financial by 8.7% in the first quarter. Empowered Funds LLC now owns 181,165 shares of the savings and loans company's stock valued at $1,134,000 after buying an additional 14,427 shares during the period. Jane Street Group LLC raised its stake in Kearny Financial by 95.0% in the first quarter. Jane Street Group LLC now owns 152,595 shares of the savings and loans company's stock valued at $955,000 after buying an additional 74,349 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Kearny Financial by 5.1% in the second quarter. Rhumbline Advisers now owns 89,669 shares of the savings and loans company's stock valued at $579,000 after buying an additional 4,340 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Kearny Financial Price Performance

Kearny Financial stock opened at $10.13 on Monday. The company has a market capitalization of $657.74 million, a price-to-earnings ratio of 17.77 and a beta of 0.63. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.50. Kearny Financial has a 12 month low of $6.22 and a 12 month high of $10.23. The stock's 50 day moving average is $9.59 and its 200-day moving average is $8.55.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.02). The firm had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%. Equities research analysts expect that Kearny Financial will post 0.79 EPS for the current year.

Kearny Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.44 annualized dividend and a dividend yield of 4.3%. Kearny Financial's dividend payout ratio (DPR) is currently 77.19%.

Insider Activity

In related news, Director Curtland Fields purchased 14,700 shares of Kearny Financial stock in a transaction that occurred 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 completion of the transaction, the director directly owned 57,900 shares of the company's stock, valued at $544,839. This represents a 34.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leopold W. Montanaro acquired 4,773 shares of the stock in a transaction on Monday, August 10th. The shares were bought at an average price of $9.46 per share, for a total transaction of $45,152.58. Following the purchase, the director owned 270,000 shares in the company, valued at approximately $2,554,200. This trade represents a 1.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 41,273 shares of company stock worth $369,476. Corporate insiders own 7.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Raymond James Financial started coverage on Kearny Financial in a research note on Wednesday, August 26th. They set an "outperform" rating and a $11.00 target price for the company. Weiss Ratings upgraded Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 24th. Finally, Piper Sandler raised their price target on 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 issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.75.

Kearny Financial 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.