Kearny Financial (NASDAQ:KRNY) Director Purchases 1,560 Shares

Key Points

• Director insider purchase: Melvina Wong-Zaza bought 1,560 Kearny Financial shares at an average price of $9.63, increasing her direct holdings by 4.6% to 35,470 shares.
• Stock and financial performance: KRNY shares fell 0.9% to $9.56, while the company’s latest quarterly EPS of $0.15 missed estimates by $0.02 despite revenue slightly exceeding expectations.
• Dividend and analyst outlook: Kearny Financial maintains a quarterly dividend of $0.11, equivalent to a 4.6% annualized yield. Analysts hold a “Moderate Buy” consensus rating with a $10.75 average price target.

Kearny Financial (NASDAQ:KRNY - Get Free Report) Director Melvina Wong-Zaza acquired 1,560 shares of the firm's stock in a transaction on Thursday, September 17th. The stock was bought at an average price of $9.63 per share, with a total value of $15,022.80. Following the completion of the acquisition, the director directly owned 35,470 shares in the company, valued at approximately $341,576.10. This represents a 4.60% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Kearny Financial Trading Down 0.9%

Shares of KRNY traded down $0.09 during trading hours on Friday, reaching $9.56. 1,271,838 shares of the company traded hands, compared to its average volume of 464,173. The company's fifty day moving average price is $9.68 and its two-hundred day moving average price is $8.67. The company has a market capitalization of $620.72 million, a price-to-earnings ratio of 16.77 and a beta of 0.63. 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 has a 12 month low of $6.22 and a 12 month high of $10.23.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.02). The company had revenue of $45.69 million during the quarter, compared to the consensus estimate of $45.61 million. Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%. Equities research analysts predict that Kearny Financial will post 0.79 earnings per share for the current fiscal year.

Kearny Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Wednesday, August 12th. Kearny Financial's dividend payout ratio (DPR) is presently 77.19%.

Institutional Trading of Kearny Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Kearny Financial in the 2nd quarter worth about $84,461,000. Arrowstreet Capital Limited Partnership increased its stake in Kearny Financial by 6.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,437,222 shares of the savings and loans company's stock valued at $10,851,000 after purchasing an additional 81,050 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Kearny Financial in the second quarter worth about $3,685,000. Algert Global LLC lifted its stake in shares of Kearny Financial by 59.2% in the second quarter. Algert Global LLC now owns 370,979 shares of the savings and loans company's stock worth $3,509,000 after buying an additional 137,933 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its stake in shares of Kearny Financial by 16.0% in the second quarter. Hennessy Advisors Inc. now owns 290,000 shares of the savings and loans company's stock worth $2,743,000 after buying an additional 40,000 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

KRNY has been the topic of several recent research reports. Piper Sandler upped their price target on Kearny Financial from $9.50 to $10.50 and gave the stock an "overweight" rating in a research note on Thursday, June 25th. Raymond James Financial started coverage on shares of Kearny Financial in a report on Wednesday, August 26th. They set an "outperform" rating and a $11.00 target price on the stock. Finally, Weiss Ratings raised shares of Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, August 24th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $10.75.

About Kearny Financial

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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