Kearny Financial (NASDAQ:KRNY) Issues Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Kearny Financial reported quarterly EPS of $0.15, which missed analyst expectations by $0.02, though revenue of $45.69 million slightly beat estimates.
• The stock fell to $9.05 after the earnings release, with the company showing a market cap of about $586 million and a beta of 0.64.
• Insider buying has been active recently, with directors Curtland E. Fields and Melvina Wong-Zaza purchasing shares, while analysts currently have a Hold consensus rating and a $10.50 average target price.

Kearny Financial (NASDAQ:KRNY - Get Free Report) posted its quarterly earnings results on Thursday. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.02), FiscalAI reports. The business had revenue of $45.69 million during the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a return on equity of 4.61% and a net margin of 10.39%.

Kearny Financial Price Performance

Shares of KRNY traded down $0.42 during trading hours on Thursday, hitting $9.05. The stock had a trading volume of 297,734 shares, compared to its average volume of 413,290. The stock has a market capitalization of $586.22 million, a price-to-earnings ratio of 15.83 and a beta of 0.64. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.03 and a quick ratio of 1.03. The company's fifty day moving average is $8.76 and its two-hundred day moving average is $8.14. Kearny Financial has a 52 week low of $5.76 and a 52 week high of $9.76.

Insider Activity

In other news, Director Curtland E. Fields purchased 4,950 shares of Kearny Financial stock in a transaction on Wednesday, June 17th. The shares were purchased at an average cost of $8.34 per share, for a total transaction of $41,283.00. Following the completion of the transaction, the director directly owned 39,600 shares in the company, valued at approximately $330,264. This represents a 14.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Melvina Wong-Zaza acquired 3,500 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $8.57 per share, for a total transaction of $29,995.00. Following the completion of the purchase, the director directly owned 33,910 shares of the company's stock, valued at approximately $290,608.70. The trade was a 11.51% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 24,800 shares of company stock valued at $211,196 over the last three months. 7.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kearny Financial

A number of large investors have recently bought and sold shares of KRNY. Adage Capital Partners GP L.L.C. lifted its position in shares of Kearny Financial by 488.8% during the fourth 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 in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Kearny Financial by 373.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 918,125 shares of the savings and loans company's stock valued at $5,931,000 after purchasing an additional 724,297 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Kearny Financial by 36.4% in the fourth 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. First Trust Advisors LP increased its holdings in shares of Kearny Financial by 402.0% in the third quarter. First Trust Advisors LP now owns 214,681 shares of the savings and loans company's stock valued at $1,410,000 after purchasing an additional 171,916 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Kearny Financial by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company's stock worth $22,002,000 after purchasing an additional 133,683 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

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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