Kearny Financial (NASDAQ:KRNY) Stock Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Kearny Financial crossed above its 200-day moving average (200‑day MA $7.28), trading as high as $7.78 and last at $7.74 on volume of 277,733 shares.
• Piper Sandler upgraded KRNY, raising its price objective from $7.50 to $9.00 with an "overweight" rating, though the consensus remains a "Hold" with an average price target of $8.00.
• The company missed quarterly estimates (EPS $0.15 vs. $0.16 expected; revenue $43.54M vs. $44.84M expected) and pays a $0.11 quarterly dividend (annualized $0.44) yielding about 5.7% with a payout ratio of 84.62%.

Shares of 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 $7.28 and traded as high as $7.78. Kearny Financial shares last traded at $7.74, with a volume of 277,733 shares.

Analyst Upgrades and Downgrades

KRNY has been the topic of several analyst reports. Piper Sandler lifted their price objective on Kearny Financial from $7.50 to $9.00 and gave the stock an "overweight" rating in a report on Wednesday, December 10th. Weiss Ratings restated a "hold (c)" rating on shares of Kearny Financial in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Kearny Financial has an average rating of "Hold" and an average price target of $8.00.

Kearny Financial Stock Up 0.7%

The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a fifty day simple moving average of $7.70 and a 200-day simple moving average of $7.28. The company has a market capitalization of $501.08 million, a PE ratio of 14.88 and a beta of 0.66.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $43.54 million for the quarter, compared to analysts' expectations of $44.84 million. Kearny Financial had a return on equity of 4.26% and a net margin of 9.41%.

Kearny Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Wednesday, February 4th were given a $0.11 dividend. The ex-dividend date was Wednesday, February 4th. This represents a $0.44 annualized dividend and a dividend yield of 5.7%. Kearny Financial's dividend payout ratio (DPR) is presently 84.62%.

Insider Activity at Kearny Financial

In other news, EVP Timothy A. Swansson sold 4,000 shares of Kearny Financial stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.60, for a total value of $30,400.00. Following the completion of the transaction, the executive vice president owned 55,833 shares in the company, valued at approximately $424,330.80. This trade represents a 6.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Patrick M. Joyce sold 4,000 shares of Kearny Financial stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $7.65, for a total value of $30,600.00. Following the completion of the transaction, the executive vice president owned 54,365 shares of the company's stock, valued at approximately $415,892.25. The trade was a 6.85% decrease in their position. The SEC filing for this sale provides additional information. 7.44% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co grew its position in shares of Kearny Financial by 35.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company's stock worth $45,000 after acquiring an additional 1,605 shares in the last quarter. Russell Investments Group Ltd. grew its position 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 in the last quarter. First Trust Advisors LP grew its position 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 in the last quarter. EverSource Wealth Advisors LLC grew its position 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 worth $26,000 after acquiring an additional 1,753 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position 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 worth $305,000 after acquiring an additional 1,865 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

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.