Kearny Financial (NASDAQ:KRNY) Issues Earnings Results

Kearny Financial (NASDAQ:KRNY) released its quarterly earnings data on Thursday. The savings and loans company reported $0.15 EPS for the quarter, hitting analysts’ consensus estimates of $0.15, FiscalAI reports. Kearny Financial had a return on equity of 4.62% and a net margin of 10.39%.The company had revenue of $44.31 million for the quarter, compared to the consensus estimate of $43.67 million.

Kearny Financial Stock Performance

Shares of KRNY stock opened at $7.79 on Friday. The stock’s 50-day moving average is $7.70 and its two-hundred day moving average is $7.40. The firm has a market cap of $504.32 million, a P/E ratio of 13.67 and a beta of 0.66. Kearny Financial has a fifty-two week low of $5.76 and a fifty-two week high of $8.50. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.03 and a quick ratio of 1.03.

Kearny Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th will be paid a $0.11 dividend. The ex-dividend date is Wednesday, May 6th. This represents a $0.44 dividend on an annualized basis and a yield of 5.6%. Kearny Financial’s payout ratio is 77.19%.

Insiders Place Their Bets

In other news, EVP Timothy A. Swansson sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $7.60, for a total transaction of $30,400.00. Following the sale, the executive vice president owned 55,833 shares of the company’s stock, valued at $424,330.80. This trade represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Patrick M. Joyce sold 4,000 shares of Kearny Financial stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $7.65, for a total value 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 disclosure for this sale is available in the SEC filing. 7.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kearny Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Kearny Financial by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company’s stock valued at $22,002,000 after purchasing an additional 133,683 shares during the period. AQR Capital Management LLC grew its holdings in shares of Kearny Financial by 36.4% during the fourth quarter. AQR Capital Management LLC now owns 2,023,294 shares of the savings and loans company’s stock worth $14,993,000 after buying an additional 539,811 shares in the last quarter. Adage Capital Partners GP L.L.C. grew 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 worth $11,952,000 after buying an additional 1,339,062 shares in the last quarter. Invesco Ltd. raised its position in Kearny Financial by 2.3% in the 2nd quarter. Invesco Ltd. now owns 1,206,855 shares of the savings and loans company’s stock valued at $7,796,000 after buying an additional 27,460 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Kearny Financial by 21.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,112,013 shares of the savings and loans company’s stock valued at $7,306,000 after acquiring an additional 193,888 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.00.

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.