Kearny Financial (NASDAQ:KRNY) Sees Large Volume Increase - Time to Buy?

Key Points

• Kearny Financial shares saw unusually high trading activity, with about 1.14 million shares traded—165% above the prior session—and the stock rising to $9.72 from $9.62.
• Analyst sentiment remains mixed: Piper Sandler raised its price target to $10.50 and rated the stock “overweight,” while other analysts maintain “hold” ratings. The overall consensus is “Hold,” with a $10.50 average price target.
• The company reported quarterly EPS of $0.15, slightly below estimates, but revenue exceeded expectations. Kearny Financial also declared an annualized $0.44 dividend, yielding about 4.5%, while insiders purchased roughly $395,000 of shares over the past 90 days.

Shares of Kearny Financial (NASDAQ:KRNY - Get Free Report) saw unusually-high trading volume on Monday . Approximately 1,137,300 shares were traded during mid-day trading, an increase of 165% from the previous session's volume of 428,875 shares.The stock last traded at $9.72 and had previously closed at $9.62.

Wall Street Analyst Weigh In

Several analysts recently commented on KRNY shares. Piper Sandler lifted their target price on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an "overweight" rating in a report on Thursday, June 25th. Zacks Research raised shares of Kearny Financial to a "hold" rating in a report on Monday, April 27th. 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 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 company currently has an average rating of "Hold" and an average price target of $10.50.

Kearny Financial Price Performance

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 firm has a market cap of $633.80 million, a P/E ratio of 17.18 and a beta of 0.64. The company's 50-day moving average is $9.24 and its two-hundred day moving average is $8.35.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.92%. Sell-side analysts anticipate that Kearny Financial will post 0.8 EPS for the current fiscal year.

Kearny Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.5%. Kearny Financial's payout ratio is 77.19%.

Insider Buying and Selling

In other Kearny Financial news, Director Curtland E. Fields acquired 14,700 shares of Kearny Financial stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average cost of $9.41 per share, with a total value of $138,327.00. Following the completion of the purchase, the director directly owned 57,900 shares of the company's stock, valued at $544,839. This represents a 34.03% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Leopold W. Montanaro bought 4,773 shares of the firm's stock in a transaction on 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 transaction, the director owned 270,000 shares of the company's stock, valued at approximately $2,554,200. The trade was a 1.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 44,273 shares of company stock worth $394,676 in the last ninety days. 7.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Kearny Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co boosted its stake in Kearny Financial by 35.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company's stock worth $45,000 after buying an additional 1,605 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Kearny Financial by 15.6% in the 4th quarter. Russell Investments Group Ltd. now owns 11,930 shares of the savings and loans company's stock worth $88,000 after acquiring an additional 1,610 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Kearny Financial by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 42,765 shares of the savings and loans company's stock worth $276,000 after acquiring an additional 1,668 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Kearny Financial by 103.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company's stock valued at $26,000 after purchasing an additional 1,753 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Kearny Financial by 4.1% in the 2nd quarter. Quantinno Capital Management LP now owns 47,259 shares of the savings and loans company's stock valued at $305,000 after purchasing an additional 1,865 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

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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