Kearny Financial (NASDAQ:KRNY) Sets New 1-Year High – What’s Next?

Kearny Financial (NASDAQ:KRNY)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.76 and last traded at $9.7450, with a volume of 273439 shares trading hands. The stock had previously closed at $9.59.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings lowered Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 14th. Piper Sandler upped 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, Zacks Research raised Kearny Financial to a “hold” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.50.

Kearny Financial Stock Up 1.8%

The company has a debt-to-equity ratio of 1.39, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $632.19 million, a P/E ratio of 17.15 and a beta of 0.64. The stock’s fifty day moving average is $8.96 and its two-hundred day moving average is $8.23.

Kearny Financial (NASDAQ:KRNY) last announced its quarterly earnings data on Thursday, July 23rd. The savings and loans company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). The company had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.92%. As a group, research analysts predict that Kearny Financial will post 0.8 earnings per share for the current fiscal year.

Kearny Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Melvina Wong-Zaza purchased 3,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $8.57 per share, with a total value of $29,995.00. Following the purchase, the director owned 33,910 shares of the company’s stock, valued at $290,608.70. This trade represents a 11.51% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Curtland E. Fields acquired 14,700 shares of the business’s stock in a transaction on Monday, July 27th. The shares were bought at an average price of $9.41 per share, for a total transaction of $138,327.00. Following the acquisition, the director owned 57,900 shares in the company, valued at approximately $544,839. This trade represents a 34.03% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 39,500 shares of company stock valued at $349,524 in the last quarter. 7.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kearny Financial

Institutional investors have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. grew its position in 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 purchasing an additional 1,339,062 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Kearny Financial by 373.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 918,125 shares of the savings and loans company’s stock valued at $5,931,000 after buying an additional 724,297 shares during the period. AQR Capital Management LLC grew its holdings in shares of Kearny Financial by 36.4% during the 4th 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. First Trust Advisors LP increased its stake in shares of Kearny Financial by 402.0% in the third quarter. First Trust Advisors LP now owns 214,681 shares of the savings and loans company’s stock worth $1,410,000 after acquiring an additional 171,916 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Kearny Financial in the fourth quarter worth $1,145,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.