Invesco Ltd. Acquires 303,391 Shares of Kearny Financial $KRNY

Key Points

• Invesco Ltd. increased its stake in Kearny Financial by 34.6%, now holding over 1.1 million shares valued at approximately $7.38 million.
• Analysts from Keefe, Bruyette & Woods reduced their price target for Kearny Financial from $7.25 to $7.00, with a current average target price of $7.75.
• Kearny Financial announced a quarterly dividend of $0.11, representing a 6.7% yield, with a payout ratio exceeding 104%.

Invesco Ltd. grew its stake in shares of Kearny Financial (NASDAQ:KRNY - Free Report) by 34.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,179,395 shares of the savings and loans company's stock after buying an additional 303,391 shares during the quarter. Invesco Ltd. owned approximately 1.83% of Kearny Financial worth $7,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP bought a new stake in shares of Kearny Financial during the fourth quarter worth $28,000. GAMMA Investing LLC grew its stake in shares of Kearny Financial by 119.6% during the first quarter. GAMMA Investing LLC now owns 6,355 shares of the savings and loans company's stock worth $40,000 after buying an additional 3,461 shares during the last quarter. TIAA Trust National Association bought a new stake in shares of Kearny Financial during the first quarter worth $78,000. Mariner LLC bought a new stake in shares of Kearny Financial during the fourth quarter worth $82,000. Finally, Pallas Capital Advisors LLC grew its stake in shares of Kearny Financial by 42.0% during the first quarter. Pallas Capital Advisors LLC now owns 16,534 shares of the savings and loans company's stock worth $104,000 after buying an additional 4,893 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Kearny Financial Price Performance

Shares of NASDAQ KRNY traded down $0.03 during midday trading on Thursday, reaching $6.58. 286,675 shares of the company were exchanged, compared to its average volume of 385,684. The stock's 50-day moving average price is $6.34 and its 200-day moving average price is $6.33. The stock has a market cap of $426.06 million, a P/E ratio of 15.67 and a beta of 0.73. Kearny Financial has a one year low of $5.45 and a one year high of $8.59. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.71.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last posted its earnings results on Thursday, July 24th. The savings and loans company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Kearny Financial had a return on equity of 3.49% and a net margin of 7.59%.The company had revenue of $40.83 million for the quarter, compared to the consensus estimate of $41.16 million.

Kearny Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were paid a $0.11 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.44 annualized dividend and a dividend yield of 6.7%. Kearny Financial's payout ratio is currently 104.76%.

About Kearny Financial

Kearny Financial Corp. operates as the holding company for Kearny Bank that provides various banking products and services in the United States. It offers various deposit products, including interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts, and certificates of deposit accounts.