Empowered Funds LLC Makes New $2.32 Million Investment in Kearny Financial $KRNY

Key Points

• Empowered Funds LLC acquired 245,710 shares of Kearny Financial in the second quarter, valued at approximately $2.32 million and representing about 0.38% of the company. Institutional investors and hedge funds collectively own 71.01% of KRNY.
• Insider buying has also increased, with directors purchasing shares and insiders acquiring 44,273 shares worth approximately $394,676 over the past three months.
• Analyst sentiment is favorable: KRNY has a “Moderate Buy” consensus rating and an average price target of $10.75. The stock recently traded at $10.04, while Kearny Financial maintains a quarterly dividend of $0.11, equivalent to a 4.4% annualized yield.

Empowered Funds LLC purchased a new position in Kearny Financial (NASDAQ:KRNY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 245,710 shares of the savings and loans company's stock, valued at approximately $2,324,000. Empowered Funds LLC owned approximately 0.38% of Kearny Financial as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. CANADA LIFE ASSURANCE Co raised its position in shares of Kearny Financial by 35.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company's stock worth $45,000 after buying an additional 1,605 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Kearny Financial by 15.6% during the fourth quarter. Russell Investments Group Ltd. now owns 11,930 shares of the savings and loans company's stock worth $88,000 after purchasing an additional 1,610 shares in the last quarter. First Trust Advisors LP raised its holdings in Kearny Financial by 4.1% during the second quarter. First Trust Advisors LP now owns 42,765 shares of the savings and loans company's stock worth $276,000 after purchasing an additional 1,668 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Kearny Financial by 103.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company's stock valued at $26,000 after buying an additional 1,753 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in Kearny Financial by 4.1% during the second quarter. Quantinno Capital Management LP now owns 47,259 shares of the savings and loans company's stock valued at $305,000 after buying an additional 1,865 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Curtland E. Fields purchased 14,700 shares of Kearny Financial stock in a transaction dated Monday, July 27th. The stock was acquired at an average cost of $9.41 per share, for a total transaction of $138,327.00. Following the acquisition, the director directly owned 57,900 shares in the company, valued at $544,839. This represents a 34.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Leopold W. Montanaro purchased 4,773 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $9.46 per share, with a total value of $45,152.58. Following the purchase, the director owned 270,000 shares in the company, valued at $2,554,200. This represents a 1.80% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 44,273 shares of company stock valued at $394,676 in the last three months. Insiders own 7.44% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on KRNY. Weiss Ratings upgraded shares of Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, August 24th. Raymond James Financial started coverage on shares of Kearny Financial in a research report on Wednesday, August 26th. They set an "outperform" rating and a $11.00 price objective for the company. Finally, Piper Sandler lifted their price objective on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an "overweight" rating in a research note on Thursday, June 25th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.75.

Kearny Financial Stock Up 2.8%

KRNY stock opened at $10.04 on Thursday. The company has a 50 day moving average of $9.56 and a two-hundred day moving average of $8.52. The company has a market cap of $651.90 million, a price-to-earnings ratio of 17.61 and a beta of 0.63. Kearny Financial has a 12-month low of $6.22 and a 12-month high of $10.07. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.50.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last posted its quarterly 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 company had revenue of $45.69 million for the quarter, compared to analysts' expectations of $45.61 million. On average, equities analysts anticipate that Kearny Financial will post 0.79 earnings per share for the current fiscal year.

Kearny Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th were paid a $0.11 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.44 dividend on an annualized basis and a yield of 4.4%. Kearny Financial's payout ratio is 77.19%.

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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