Kearny Financial (NASDAQ:KRNY) Shares Gap Down - What's Next?

Key Points

• Kearny Financial shares opened lower, falling from a prior close of $9.82 to $9.50 before trading at approximately $9.74.
• Analyst sentiment is generally positive: three analysts rate the stock Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and a $10.75 target price.
• The company reported quarterly EPS of $0.15, below the $0.17 estimate, but maintained a quarterly dividend of $0.11, equivalent to a 4.5% annualized yield.

Shares of Kearny Financial (NASDAQ:KRNY - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $9.82, but opened at $9.50. Kearny Financial shares last traded at $9.7350, with a volume of 10,217 shares trading hands.

Wall Street Analysts Forecast Growth

KRNY has been the topic of several recent research reports. Raymond James Financial assumed coverage on shares of Kearny Financial in a report on Wednesday. They issued an "outperform" rating and a $11.00 price target on the stock. Piper Sandler boosted their price objective on Kearny Financial from $9.50 to $10.50 and gave the company an "overweight" rating in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 24th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Kearny Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.75.

Kearny Financial Stock Performance

The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.05 and a current ratio of 1.05. The firm's 50 day moving average is $9.49 and its 200-day moving average is $8.48. The stock has a market capitalization of $638.25 million, a price-to-earnings ratio of 17.25 and a beta of 0.64.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last released its quarterly 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). Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. The firm had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. Analysts forecast that Kearny Financial will post 0.79 earnings per share for the current fiscal year.

Kearny Financial Dividend Announcement

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

Insiders Place Their Bets

In other Kearny Financial news, Director Melvina Wong-Zaza acquired 3,500 shares of the company's stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $8.57 per share, with a total value of $29,995.00. Following the completion of the acquisition, the director owned 33,910 shares in the company, valued at approximately $290,608.70. This trade represents a 11.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Leopold W. Montanaro acquired 4,773 shares of the business's stock in a transaction dated Monday, August 10th. The stock was acquired at an average price 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 represents a 1.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 44,273 shares of company stock worth $394,676. 7.44% of the stock is owned by corporate insiders.

Institutional Trading of Kearny Financial

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Kearny Financial in the 2nd quarter worth about $84,461,000. Adage Capital Partners GP L.L.C. raised its holdings 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 valued at $11,952,000 after acquiring an additional 1,339,062 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position 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 valued at $5,931,000 after acquiring an additional 724,297 shares in the last quarter. AQR Capital Management LLC lifted its position 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 acquiring an additional 539,811 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Kearny Financial during the second quarter worth approximately $3,685,000. 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.

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