Kearny Financial (NASDAQ:KRNY) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Kearny Financial (NASDAQ:KRNY) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.93 and traded as high as $8.13. Kearny Financial shares last traded at $8.00, with a volume of 262,597 shares.

Analysts Set New Price Targets

Several brokerages recently weighed in on KRNY. Piper Sandler increased their price objective on Kearny Financial from $7.50 to $9.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kearny Financial in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.00.

Kearny Financial Trading Down 0.2%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.45. The business has a 50-day simple moving average of $7.76 and a 200-day simple moving average of $6.93. The company has a market cap of $517.92 million, a PE ratio of 15.38 and a beta of 0.70.

Kearny Financial (NASDAQ:KRNY) last issued its quarterly earnings data on Thursday, January 22nd. The savings and loans company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The firm had revenue of $43.54 million during the quarter, compared to analyst estimates of $44.84 million. Kearny Financial had a net margin of 9.41% and a return on equity of 4.26%.

Kearny Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 18th. Stockholders of record on Wednesday, February 4th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Wednesday, February 4th. Kearny Financial’s payout ratio is presently 84.62%.

Insider Activity

In related news, EVP Patrick M. Joyce sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $7.65, for a total transaction of $30,600.00. Following the transaction, the executive vice president owned 54,365 shares in the company, valued at $415,892.25. This trade represents a 6.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 7.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kearny Financial

A number of hedge funds have recently modified their holdings of the business. Campbell & CO Investment Adviser LLC increased its holdings in shares of Kearny Financial by 106.7% in the second quarter. Campbell & CO Investment Adviser LLC now owns 59,922 shares of the savings and loans company’s stock valued at $387,000 after purchasing an additional 30,937 shares during the period. Nisa Investment Advisors LLC grew its position in Kearny Financial by 18,309.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 11,598 shares of the savings and loans company’s stock valued at $75,000 after buying an additional 11,535 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new position in Kearny Financial in the 2nd quarter valued at $84,000. White Pine Capital LLC raised its position in Kearny Financial by 123.5% during the 2nd quarter. White Pine Capital LLC now owns 172,416 shares of the savings and loans company’s stock worth $1,114,000 after buying an additional 95,271 shares during the last quarter. Finally, Creative Planning raised its position in Kearny Financial by 22.3% during the 2nd quarter. Creative Planning now owns 190,120 shares of the savings and loans company’s stock worth $1,228,000 after buying an additional 34,695 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.