Kearny Financial (NASDAQ:KRNY) Sets New 52-Week High - Time to Buy?

Key Points

• Kearny Financial reached a new 52-week high, trading as high as $9.83 and closing near $9.77. Analysts’ average rating remains “Hold,” with a consensus price target of $10.50.
• The company narrowly missed quarterly earnings expectations, reporting $0.15 EPS versus a $0.17 consensus, while revenue of $45.69 million slightly exceeded estimates.
• Kearny Financial declared a quarterly dividend of $0.11, representing a 4.5% annualized yield; insiders purchased 44,273 shares over the past 90 days, and institutional investors own 71.01% of the stock.

Kearny Financial (NASDAQ:KRNY - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $9.83 and last traded at $9.77, with a volume of 2022214 shares traded. The stock had previously closed at $9.62.

Analysts Set New Price Targets

A number of research firms have weighed in on KRNY. Zacks Research raised Kearny Financial to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings downgraded 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 target price on shares of Kearny Financial from $9.50 to $10.50 and gave the company an "overweight" rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $10.50.

Kearny Financial Stock Performance

The company has a 50-day moving average price of $9.27 and a two-hundred day moving average price of $8.37. The stock has a market capitalization of $632.51 million, a P/E ratio of 17.14 and a beta of 0.64. 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 issued its earnings results on Thursday, July 23rd. 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). Kearny Financial had a return on equity of 4.92% and a net margin of 10.45%.The company had revenue of $45.69 million for the quarter, compared to the consensus estimate of $45.61 million. On average, equities analysts forecast that Kearny Financial will post 0.8 earnings per share for the current year.

Kearny Financial Dividend Announcement

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

Insider Activity at Kearny Financial

In other news, Director Leopold W. Montanaro purchased 4,773 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average cost of $9.46 per share, with a total value of $45,152.58. Following the completion of the transaction, the director directly owned 270,000 shares of the company's stock, valued at approximately $2,554,200. This trade represents a 1.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Melvina Wong-Zaza acquired 3,500 shares of the business's stock in a transaction on Thursday, June 11th. The stock was acquired at an average cost of $8.57 per share, for a total transaction of $29,995.00. Following the transaction, the director 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 bought 44,273 shares of company stock valued at $394,676 over the last ninety days. Corporate insiders own 7.44% of the company's stock.

Hedge Funds Weigh In On Kearny Financial

A number of large investors have recently modified their holdings of KRNY. BlackRock Inc. bought a new stake in Kearny Financial during the second quarter valued at $84,461,000. Adage Capital Partners GP L.L.C. boosted its holdings 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 valued at $11,952,000 after acquiring an additional 1,339,062 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Kearny Financial by 373.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 918,125 shares of the savings and loans company's stock worth $5,931,000 after purchasing an additional 724,297 shares during the last quarter. AQR Capital Management LLC grew 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 worth $14,993,000 after acquiring an additional 539,811 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Kearny Financial in the second quarter worth about $3,685,000. 71.01% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source