BlackRock Inc. Invests $84.46 Million in Kearny Financial $KRNY

Key Points

• BlackRock acquired 8.93 million Kearny Financial shares in the second quarter, valued at approximately $84.46 million and representing a 13.79% stake. Institutional investors collectively own 71.01% of the company.
• Kearny Financial reported quarterly EPS of $0.15, below the $0.17 consensus estimate, while revenue of $45.69 million slightly exceeded expectations. Analysts maintain a “Moderate Buy” rating with an average price target of $10.75.
• The company declared a quarterly dividend of $0.11 per share, equating to a $0.44 annualized payout and a 4.5% yield. Recent insider purchases and upgraded analyst ratings provided additional positive signals.

BlackRock Inc. bought a new position in Kearny Financial (NASDAQ:KRNY - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 8,928,263 shares of the savings and loans company's stock, valued at approximately $84,461,000. BlackRock Inc. owned approximately 13.79% of Kearny Financial as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. lifted 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 purchasing an additional 1,339,062 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Kearny Financial by 373.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 918,125 shares of the savings and loans company's stock worth $5,931,000 after purchasing an additional 724,297 shares during the period. AQR Capital Management LLC lifted its position in shares of Kearny Financial by 36.4% in the 4th quarter. AQR Capital Management LLC now owns 2,023,294 shares of the savings and loans company's stock worth $14,993,000 after purchasing an additional 539,811 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Kearny Financial in the 2nd quarter valued at $3,685,000. Finally, First Trust Advisors LP boosted its stake in shares of Kearny Financial by 402.0% in the 3rd quarter. First Trust Advisors LP now owns 214,681 shares of the savings and loans company's stock valued at $1,410,000 after purchasing an additional 171,916 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Kearny Financial Price Performance

Shares of NASDAQ KRNY opened at $9.82 on Friday. The firm has a market capitalization of $637.61 million, a P/E ratio of 17.23 and a beta of 0.64. The firm's 50-day moving average price is $9.49 and its 200-day moving average price is $8.48. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 1.50. Kearny Financial has a 1-year low of $6.22 and a 1-year high of $10.08.

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

Kearny Financial Dividend Announcement

The company also recently disclosed 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 was Wednesday, August 12th. This represents a $0.44 annualized dividend and a dividend yield of 4.5%. Kearny Financial's payout ratio is currently 77.19%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Raymond James Financial started coverage on shares of Kearny Financial in a research note on Wednesday. They set an "outperform" rating and a $11.00 target price for the company. Piper Sandler increased their price target 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 raised Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $10.75.

Insider Transactions at Kearny Financial

In other Kearny Financial news, Director Leopold W. Montanaro purchased 4,773 shares of Kearny Financial stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average price of $9.46 per share, with a total value of $45,152.58. Following the transaction, the director owned 270,000 shares in the company, valued at $2,554,200. This trade represents a 1.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Curtland E. Fields purchased 14,700 shares of the business's stock in a transaction on Monday, July 27th. The shares were bought at an average price of $9.41 per share, with a total value of $138,327.00. Following the purchase, 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 disclosure for this purchase is available in the SEC filing. Insiders have bought 44,273 shares of company stock valued at $394,676 over the last ninety days. 7.44% of the stock is owned by company insiders.

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.

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