Kearny Financial (NASDAQ:KRNY) Hits New 12-Month High – Here’s Why

Kearny Financial (NASDAQ:KRNY) reached a new 52-week high on Wednesday . The stock traded as high as $8.50 and last traded at $8.2710, with a volume of 10706 shares traded. The stock had previously closed at $8.30.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Zacks Research upgraded Kearny Financial to a “hold” rating in a report on Monday, April 27th. Finally, Piper Sandler started coverage on Kearny Financial in a report on Monday, April 27th. They set an “overweight” rating and a $9.50 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Kearny Financial Stock Down 0.1%

The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $531.52 million, a P/E ratio of 14.40 and a beta of 0.65. The stock has a fifty day moving average price of $7.88 and a two-hundred day moving average price of $7.65.

Kearny Financial (NASDAQ:KRNY) last issued its quarterly earnings results on Thursday, April 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.15. Kearny Financial had a return on equity of 4.61% and a net margin of 10.39%.The business had revenue of $44.31 million during the quarter, compared to the consensus estimate of $43.67 million. Research analysts forecast that Kearny Financial will post 0.61 EPS for the current year.

Kearny Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Wednesday, May 6th were given a dividend of $0.11 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.44 dividend on an annualized basis and a yield of 5.4%. Kearny Financial’s payout ratio is currently 77.19%.

Insider Transactions at Kearny Financial

In related news, EVP Timothy A. Swansson sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.60, for a total transaction of $30,400.00. Following the completion of the transaction, the executive vice president owned 55,833 shares in the company, valued at $424,330.80. The trade was a 6.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Kearny Financial by 103.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company’s stock worth $26,000 after acquiring an additional 1,753 shares during the period. Osaic Holdings Inc. boosted its position in Kearny Financial by 11,688.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 4,091 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Kearny Financial by 35.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock valued at $45,000 after buying an additional 1,605 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Kearny Financial by 119.5% in the first quarter. Parallel Advisors LLC now owns 7,248 shares of the savings and loans company’s stock valued at $55,000 after buying an additional 3,946 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in shares of Kearny Financial by 59.4% in the fourth quarter. New York State Common Retirement Fund now owns 8,585 shares of the savings and loans company’s stock valued at $64,000 after buying an additional 3,200 shares during the period. Institutional investors 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.