Kearny Financial (NASDAQ:KRNY) Director Purchases $45,152.58 in Stock

Key Points

• Director Leopold Montanaro purchased 4,773 Kearny Financial shares at $9.46 each, investing $45,152.58 and increasing his holdings by 1.8% to 270,000 shares.
• KRNY shares rose 1.1% to $9.56, near their 52-week high of $9.81. The company also declared a quarterly dividend of $0.11, equivalent to a 4.6% annualized yield.
• 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 consensus “Hold” rating with a $10.50 price target.

Kearny Financial (NASDAQ:KRNY - Get Free Report) Director Leopold Montanaro acquired 4,773 shares of the company's stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $9.46 per share, for a total transaction of $45,152.58. Following the acquisition, the director owned 270,000 shares in the company, valued at approximately $2,554,200. The trade was a 1.80% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Kearny Financial Stock Up 1.1%

KRNY stock traded up $0.10 during trading on Tuesday, hitting $9.56. 253,623 shares of the company's stock were exchanged, compared to its average volume of 423,101. The business has a 50-day moving average price of $9.13 and a two-hundred day moving average price of $8.31. The stock has a market capitalization of $619.04 million, a price-to-earnings ratio of 16.78 and a beta of 0.64. Kearny Financial has a 52-week low of $5.87 and a 52-week high of $9.81. 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 (NASDAQ:KRNY - Get Free Report) last announced 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). The company had revenue of $45.69 million during the quarter, compared to analysts' expectations of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.92%. As a group, equities research analysts expect that Kearny Financial will post 0.8 EPS for the current year.

Kearny Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.6%. The ex-dividend date is Wednesday, August 12th. Kearny Financial's dividend payout ratio is currently 77.19%.

Analysts Set New Price Targets

KRNY has been the subject of a number of research analyst reports. Zacks Research raised Kearny Financial to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings cut shares of Kearny Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 14th. Finally, Piper Sandler raised their price objective on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an "overweight" rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $10.50.

Hedge Funds Weigh In On Kearny Financial

Large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Kearny Financial during the second quarter worth about $84,461,000. Vanguard Group Inc. lifted its position in Kearny Financial by 4.2% in the third quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company's stock valued at $22,002,000 after purchasing an additional 133,683 shares during the period. AQR Capital Management LLC boosted its holdings in 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 valued at $14,993,000 after purchasing an additional 539,811 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in Kearny Financial by 488.8% during the 4th 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. Finally, Arrowstreet Capital Limited Partnership increased its position 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 worth $10,851,000 after purchasing an additional 81,050 shares during the period. Hedge funds and other institutional investors own 71.01% of the company's stock.

About Kearny Financial

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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