Kearny Financial (NASDAQ:KRNY) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Kearny Financial shares crossed above their 200-day moving average, reaching $9.52 before last trading at $9.46, compared with a 200-day average of $8.31.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and a $10.50 target price. The company’s latest quarterly EPS of $0.15 missed expectations of $0.17, though revenue slightly exceeded estimates.
• Kearny Financial declared a quarterly dividend of $0.11 per share, equating to a $0.44 annualized payout and a 4.7% yield; insiders also purchased 39,500 shares over the past 90 days.

Kearny Financial (NASDAQ:KRNY - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.31 and traded as high as $9.52. Kearny Financial shares last traded at $9.46, with a volume of 378,902 shares trading hands.

Wall Street Analyst Weigh In

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

Kearny Financial Trading Down 0.6%

The stock has a market capitalization of $612.44 million, a P/E ratio of 16.60 and a beta of 0.64. The stock's fifty day moving average price is $9.13 and its two-hundred day moving average price is $8.31. 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 released its 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 business had revenue of $45.69 million for the quarter, compared to the consensus estimate of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.92%. Equities research analysts forecast that Kearny Financial will post 0.8 EPS for the current year.

Kearny Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.7%. The ex-dividend date is Wednesday, August 12th. Kearny Financial's dividend payout ratio is presently 77.19%.

Insider Transactions at Kearny Financial

In related news, Director Melvina Wong-Zaza purchased 3,500 shares of Kearny Financial stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $8.57 per share, for a total transaction of $29,995.00. Following the transaction, the director directly owned 33,910 shares in the company, valued at $290,608.70. The trade was a 11.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Curtland E. Fields purchased 14,700 shares of the firm's stock in a transaction on Monday, July 27th. The stock was bought at an average cost of $9.41 per share, for a total transaction of $138,327.00. Following the completion of the purchase, the director directly owned 57,900 shares in the company, valued at approximately $544,839. This trade represents a 34.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 39,500 shares of company stock worth $349,524 over the last ninety days. Insiders own 7.44% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. M&T Bank Corp purchased a new position in Kearny Financial during the 4th quarter valued at about $1,145,000. Arrowstreet Capital Limited Partnership lifted its holdings in Kearny Financial by 6.0% in 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 buying an additional 81,050 shares during the period. Bailard Inc. purchased a new stake in Kearny Financial in the 4th quarter worth approximately $711,000. Ballentine Partners LLC bought a new stake in shares of Kearny Financial in the 4th quarter worth approximately $87,000. Finally, Strs Ohio grew its position in shares of Kearny Financial by 6.8% in the 1st quarter. Strs Ohio now owns 82,000 shares of the savings and loans company's stock worth $619,000 after buying an additional 5,200 shares during the last quarter. 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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