Kearny Financial (NASDAQ:KRNY) Declares Quarterly Dividend of $0.11

Key Points

• Kearny Financial declared a quarterly dividend of $0.11 per share, payable on August 26 to shareholders of record as of August 12. The stock’s annualized dividend yield is about 4.8%.
• The company’s dividend appears reasonably covered, with a 55.7% payout ratio; analysts expect it to remain covered next year as well. Kearny Financial has also increased its dividend by an average of just 0.1% annually over the past three years.
• In its latest quarterly results, Kearny Financial reported EPS of $0.15, missing analyst estimates, while revenue of $45.69 million slightly beat expectations. Analysts currently rate the stock Hold on average, with a consensus price target of $10.50.

Kearny Financial (NASDAQ:KRNY - Get Free Report) announced a quarterly dividend on Thursday, July 23rd. Investors of record on Wednesday, August 12th will be paid a dividend of 0.11 per share by the savings and loans company on Wednesday, August 26th. This represents a c) dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Wednesday, August 12th.

Kearny Financial has raised its dividend payment by an average of 0.1%per year over the last three years. Kearny Financial has a payout ratio of 55.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Kearny Financial to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 55.0%.

Kearny Financial Stock Performance

Shares of Kearny Financial stock traded down $0.36 on Thursday, hitting $9.12. The stock had a trading volume of 862,200 shares, compared to its average volume of 417,460. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39. Kearny Financial has a 52-week low of $5.76 and a 52-week high of $9.76. The company's 50 day moving average price is $8.76 and its 200 day moving average price is $8.14. The stock has a market cap of $590.43 million, a price-to-earnings ratio of 16.00 and a beta of 0.64.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%. On average, research analysts anticipate that Kearny Financial will post 0.61 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on KRNY shares. Zacks Research raised Kearny Financial to a "hold" rating in a research report on Monday, April 27th. Piper Sandler raised their price objective on shares of Kearny Financial from $9.50 to $10.50 and gave the company an "overweight" rating in a research note on Thursday, June 25th. Finally, Weiss Ratings downgraded shares of Kearny Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Kearny Financial presently has an average rating of "Hold" and a consensus target price of $10.50.

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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