Kearny Financial (NASDAQ:KRNY) Stock Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Kearny Financial shares crossed above their 200-day moving average, reaching $9.43 and last trading at $9.36, compared with the average of $8.73.
• Analyst sentiment improved, with Piper Sandler raising its target to $10.50 and Raymond James setting an $11 target; the stock has a “Moderate Buy” consensus rating and an average target of $10.75.
• The company pays a quarterly dividend of $0.11, equivalent to a 4.7% yield, while recent earnings of $0.15 per share fell short of the $0.17 consensus estimate.

Kearny Financial (NASDAQ:KRNY - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $8.73 and traded as high as $9.43. Kearny Financial shares last traded at $9.36, with a volume of 500,302 shares traded.

Analysts Set New Price Targets

Several equities research analysts have weighed in on KRNY shares. Piper Sandler raised their price objective on shares of Kearny Financial from $9.50 to $10.50 and gave the company an "overweight" rating in a research report on Thursday, June 25th. Raymond James Financial initiated coverage on shares of Kearny Financial in a research report on Wednesday, August 26th. They set an "outperform" rating and a $11.00 target price on the stock. Finally, Weiss Ratings raised shares of Kearny Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 24th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.75.

Kearny Financial Trading Up 0.6%

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.50. The company has a market cap of $607.74 million, a P/E ratio of 16.42 and a beta of 0.63. The business has a 50-day moving average price of $9.68 and a two-hundred day moving average price of $8.73.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last posted its quarterly 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). The firm had revenue of $45.69 million during 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 4.90%. On average, analysts predict that Kearny Financial will post 0.79 EPS for the current year.

Kearny Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Wednesday, August 12th. Kearny Financial's dividend payout ratio (DPR) is 77.19%.

Insider Activity at Kearny Financial

In other Kearny Financial news, Director Leopold W. Montanaro purchased 4,773 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $9.46 per share, with a total value of $45,152.58. Following the completion of the purchase, the director directly owned 270,000 shares in the company, valued at approximately $2,554,200. This represents a 1.80% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Curtland Fields acquired 14,700 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was acquired at an average price of $9.41 per share, for a total transaction of $138,327.00. Following the completion of the acquisition, the director directly owned 57,900 shares of the company's stock, valued at $544,839. This trade represents a 34.03% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 21,033 shares of company stock valued at $198,502. 7.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Kearny Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Kearny Financial during the second quarter valued at approximately $84,461,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of 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 valued at $10,851,000 after buying an additional 81,050 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Kearny Financial in the 2nd quarter valued at $3,685,000. Algert Global LLC raised its stake in Kearny Financial by 59.2% during the 2nd quarter. Algert Global LLC now owns 370,979 shares of the savings and loans company's stock worth $3,509,000 after buying an additional 137,933 shares during the period. Finally, Hennessy Advisors Inc. lifted its holdings in Kearny Financial by 16.0% during the second quarter. Hennessy Advisors Inc. now owns 290,000 shares of the savings and loans company's stock worth $2,743,000 after acquiring an additional 40,000 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Kearny Financial Company Profile

Kearny Financial Corp. is the holding company for Kearny Bank, a community-oriented savings bank serving customers in New Jersey and New York. Founded in 1884 as a mutual savings institution, Kearny Bank has historically focused on relationship-based banking for individuals, families, businesses and nonprofit organizations.

The bank offers deposit products such as checking, savings and money market accounts, certificates of deposit and retirement accounts. Its lending activities include residential mortgages, home equity loans, commercial real estate loans, construction financing, commercial and industrial loans, and consumer credit.

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